GOLD CLOSED UP $42.45 TO $3080.95
SILVER CLOSED DOWN $0.21 TO $34.24
GOLD ACCESS CLOSED 3080.30
Silver ACCESS CLOSED: $33.98
Bitcoin morning price:$85062 DOWN 2272 DOLLARS.
Bitcoin: afternoon price: $83664 down 3670 DOLLARS
Platinum price closing UP $1.10 TO $984.35
Palladium price; DOWN $1.60 TO $976.30
END
*CANADIAN GOLD: $4412.04 UP 40.54 CDN dollars per oz( * NEW ALL TIME HIGH 4412.04 CDN DOLLARS PER OZ//MARCH 28 2025)
*BRITISH GOLD: 2380.32 UP 21.16 Pounds per oz// *(NEW ALL TIME HIGH//CLOSING//2,380.32 BRITISH POUNDS/OZ) MARCH 28/2025
*EURO GOLD: 2,846.26 UP 17.57 Euros per oz //* (ALL TIME CLOSING HIGH: 2,846.20 EUROS PER OZ/MARCH 28 //2025)
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END
EXCHANGE: COMEX
EXCHANGE: COMEX
CONTRACT: MARCH 2025 COMEX 100 GOLD FUTURES
SETTLEMENT: 3,060.200000000 USD
INTENT DATE: 03/27/2025 DELIVERY DATE: 03/31/2025
FIRM ORG FIRM NAME ISSUED STOPPED
363 H WELLS FARGO SEC 497
624 H BOFA SECURITIES 521
709 C BARCLAYS 18
905 C ADM 6
TOTAL: 521 521
JPMORGAN stopped 0/521 contracts
GOLD: NUMBER OF NOTICES FILED FOR MARCH/2024. CONTRACT: 521 NOTICES FOR 52,100 OZ 1.620 TONNES
total notices so far: 19,149 contracts for 1,939,800 Oz (60.33 tonnes)
FOR MARCH
XXXXXXXXXXXXXXXXXX
SILVER NOTICES: 202 NOTICE(S) FILED FOR 1.010 MILLION OZ/
total number of notices filed so far this month : 16,149 for 80.745 million oz
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END
GLD/
BOTH GLD AND SLV ARE FRAUDULENT VEHICLES//THEY ARE NOW RAIDING GLD AND SLV FOR PHYSICAL
THE CROOKS ARE STEALING GOLD AND SILVER FROM THE GLD/SLV AND REPLACING THE PHYSICAL WITH PAPER DOLLARS.
WITH GOLD UP $42.45 INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD:
SMALL CHANGES IN GOLD INVENTORY AT THE GLD: A SMALL DEPOSIT OF .29 TONNES OF GOLD INTO THE GLD//
INVENTORY RESTS AT 929.65 TONNES
SLV/
WITH NO SILVER AROUND AND SILVER DOWN $.21 AT THE SLV: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: //A WITHDRAWAL OF 1.092 MILLION OZ FROM THE SLV//
CLOSING INVENTORY RESTS AT:
CLOSING INVENTORY: 447.422 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI ROSE BY A MEGA HUGE SIZED 3711 CONTRACTS TO 172,497 AND CONTINUING ON ITS MARCH TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020, AND THIS HUGE SIZED GAIN IN COMEX OI WAS ACCOMPLISHED WITH OUR GAIN OF $0,60 IN SILVER PRICING AT THE COMEX WITH RESPECT TO THURSDAY’S TRADING. WE HAD A MEGA MEGA HUGE SIZED GAIN OF 5269 TOTAL CONTRACTS ON OUR TWO EXCHANGES WITH OUR GAIN IN PRICE//THURSDAY’S TRADING.. WE HAD HUGE LIQUIDATION OF T.A.S. CONTRACTS PLUS SOME MONTH END SPREADER LIQUIDATION ON THURSDAY COMEX TRADING / AS THEY DESPERATELY TRIED TO CONTAIN SILVER’S PRICE RISE FOR THE PAST 4 WEEKS (WHERE RAIDS ARE CALLED UPON AGAIN AND AGAIN TRYING TO STOP THE RISE IN SILVER’S PRICE TO ABOVE $34.40 AND TO QUELL ADDITIONAL DERIVATIVE LOSSES TO OUR BANKERS’ MASSIVE TOTALS). THEY FAILED HUGELY ON THURSDAY WITH SILVER’S GAIN IN PRICE AND WE ARE RIGHT NOW AT THE MAGIC NUMBER OF $34.40 SILVER SPOT PRICE. WE HAD A HUGE T.A.S. LIQUIDATION AND COMMENCEMENT OF MONTH END SPREADER LIQUIDATION THURSDAY. BUT THIS WAS COUPLED WITH A STRONG T.A.S. ISSUANCE OF 579 CONTRACTS ISSUED BY THE CME AND THAT SIGNALS DEEP CODE RED THAT THE CROOKS ARE DESPERATE TO STOP SILVER BREAKING OVER THE 34.40 DOLLAR MARK. THUS OUR RAIDS ON OUR PRECIOUS METALS WILL COMMENCE AGAIN! WE HAVE A HUGE CONTANGO IN SILVER SPOT VS FRONT FEB OF AROUND $0.99 AND A LEASE RATE OF 7.3%. WE HAD A HUGE 1558 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY OUR STRONG 579 CONTRACT T.A.S ISSUANCE WHICH WILL BE USED IN TODAY’S TRADING/ AS THEY PLAY AN INTEGRAL PART IN OUR COMEX TRADING TRYING TO CONTAIN ANY SILVER PRICE RISE. IN ESSENCE WE GAINED A MEGA HUMONGOUS SIZED 5269 CONTRACTS ON OUR TWO EXCHANGES WITH OUR GAIN IN PRICE. WE HAD CONSIDERABLE TAS LIQUIDATION/MONTH END SPREADER LIQUIDATION THROUGHOUT THURSDAY’S COMEX TRADING SESSION WHICH ACCOUNTS FOR A HUGE PORTION IN THE NUMBERS OF OI ON OUR TWO EXCHANGES.
PLEASE NOTE THAT THE CROOKS NEED A HIGHER SILVER/GOLD T.A.S. TO CARRY ON THEIR CROOKED MANIPULATION ON A DAILY BASIS BUT DEMAND IS JUST TOO HIGH FOR THEM. THE HIGHER ISSUANCE OF T.A.S. IS NOW USED TO TEMPER OUR SILVER/GOLD PRICE RISE OR INITIATE A RAID AS WHAT HAPPENED SEVERAL TIMES LAST MONTH AND AGAIN WITH THIS WEEK’S TRADING ON SILVER AND NOW TODAY TRYING TO KEEP THE SILVER PRICE BELOW $34.40 . THE KEY PRICE TO WATCH IS $34.40. IF IT BREAKS THAT PRICE, THEN WE HEAD FOR $50.00 SILVER. AT 3 AM WE ARE EXACTLY AT $34.40
CRAIG HEMKE HAS POINTED OUT THAT THE CROOKS USE THE MID MONTH FOR MANIPULATION AS THEY SELL THEIR BUY SIDE OF THE CALENDAR SPREAD FIRST AND THEN KEEP THE SELL SIDE TO LIQUIDATE AT A LATER DATE. THUS WE HAVE TWO VEHICLES THE CROOKS USE FOR MANIPULATION AND BOTH ARE SPREADERS: 1) AT MONTH’S END/SPREADERS COMEX AND 2/ TAS SPREADERS, MID MONTH. TOTAL TAS ISSUED ON THURSDAY NIGHT/FRIDAY MORNING: A STRONG 579 CONTRACTS. DESPITE MANY COMPLAINTS THAT THE CROOKS HAVE VIOLATED POSITION LIMITS DUE TO THE FACT THAT THE TAS ISSUED HAVE A VALUE OF ZERO (AS TO POSITION LIMITS FOR OUR CROOKED BANKERS). THE PROBLEM OF COURSE IS THAT THE CROOKS DO NOT LIQUIDATE THE TAS TOGETHER BUT SELL THE BUY SIDE FIRST AND THEN LIQUIDATE THE SELL SIDE TWO MONTHS HENCE. IT IS OBVIOUS MANIPULATION TO THE HIGHEST DEGREE BUT IT NATURALLY FELL ON DEAF EARS WITH OUR REGULATORS (OCC) WHEN THEY RECEIVED OUR COMPLAINTS. IT NOW SEEMS THAT THE OCC HAS ORDERED THE BANKS TO REDUCE ITS NEW LEVEL OF 1 TRILLION DOLLARS IN GOLD/SILVER DERIVATIVES
WE HAVE IN THE PAST YEAR SET ANOTHER RECORD LOW AT 114,102 CONTRACTS ///JULY 3.2023// OUR BANKERS WITH THE HELP OF SPECULATORS AND HIGH FREQUENCY TRADERS WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY $0.60 AND WERE UNSUCCESSFUL IN KNOCKING OFF ANY NET SILVER LONGS FROM THEIR PERCH AS WE HAD A HUGE GAIN IN PRICE AND A GAIN IN OPEN INTEREST FROM OUR TWO EXCHANGES OF 5269 CONTRACTS. WE HAD HUGE LIQUIDATION OF T.A.S. CONTRACTS//MONTH END SPREADERS TRYING TO CONTAIN SILVER’S PRICE RISE AND THAT ACCOUNTS FOR ALL OF OUR OPEN INTEREST GAINS. HOWEVER THE CME NOTIFIED US THAT FOR THE FIRST TIME IN MARCH, WE HAVE BEEN ISSUED 70 CONTRACTS OF EXCHANGE FOR RISK FOR 350,000 OZ. THIS TOTAL WILL BE ADDED TO OUR REGULAR DELIVERY TOTALS FOR MARCH.
WE HAD A 1558 CONTRACT ISSUANCE OF EXCHANGE FOR PHYSICALS) iiii) AN INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 78.753 MILLION OZ (FIRST DAY NOTICE) FOLLOWED BY TODAY’S 0.150 MILLION OZ EFP TRANSFER TO LONDON TO WHICH WE ADD .350 EXCHANGE FOR RISK
INITIAL STANDING FOR MARCH REDUCES TO 81.095 MILLION OZ
WE HAD:
/ HUGE COMEX OI GAIN+// A HUGE SIZED EFP ISSUANCE (1558 CONTRACTS)/ VI) STRONG SIZED NUMBER OF T.A.S. CONTRACT ISSUANCE 579 CONTRACTS)/A 70 CONTRACT EX. FOR RISK FOR 350,000 OZ/SECOND WEEK OF MARCH
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: ADDED 56 CONTRACTS.
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS FEB. ACCUMULATION FOR EFP’S SILVER/JPMORGAN’S HOUSE OF BRIBES/STARTING FROM FIRST DAY/MONTH OF MAR
TOTAL CONTRACTS for 20 DAYS, total 13,004 contracts: OR 65.020 MILLION OZ (652 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 65.020 MILLION OZ
LAST 24 MONTHS TOTAL EFP CONTRACTS ISSUED IN MILLIONS OF OZ:
MAY 137.83 MILLION
JUNE 149.91 MILLION OZ
JULY 129.445 MILLION OZ
AUGUST: MILLION OZ 140.120
SEPT. 28.230 MILLION OZ//
OCT: 94.595 MILLION OZ
NOV: 131.925 MILLION OZ
DEC: 100.615 MILLION OZ
YEAR 2022:
JAN 2022-DEC 2022
JAN 2022// 90.460 MILLION OZ
FEB 2022: 72.39 MILLION OZ//
MARCH 2022: 207.140 MILLION OZ//A NEW RECORD FOR EFP ISSUANCE
APRIL: 114.52 MILLION OZ FINAL//LOW ISSUANCE
MAY: 105.635 MILLION OZ//
JUNE: 94.470 MILLION OZ
JULY : 87.110 MILLION OZ
AUGUST: 65.025 MILLION OZ
SEPT. 74.025 MILLION OZ///FINAL
OCT. 29.017 MILLION OZ FINAL
NOV: 134.290 MILLION OZ//FINAL
DEC, 61.395 MILLION OZ FINAL
TOTALS YR 2022: 1135.767 MILLION OZ (1.1356 BILLION OZ)
JAN 2023/// 53.070 MILLION OZ //FINAL
FEB: 2023: 100.105 MILLION OZ/FINAL//MUCH STRONGER ISSUANCE VS THE LATTER TWO MONTHS.
MARCH 2023: 112.58 MILLION OZ//FINAL//STRONG ISSUANCE
APRIL 111.035 MILLION OZ(SLIGHTLY GREATER THAN THAN LAST MONTH)
MAY 66.120 MILLION OZ/INITIAL (MUCH SMALLER THIS MONTH)
JUNE: 110.395 MILLION OZ//MUCH LARGER THAN LAST MONTH
JULY 85.745 MILLION OZ (SMALLER THAN LAST MONTH)
AUGUST: 171.43 MILLION OZ (THIS MONTH IS GOING TO BE HUGE //2ND HIGHEST ON RECORD
SEPT: 72.705 MILLION OZ (SMALLER THIS MONTH)
OCT: 97.455 MILLION OZ
NOV. 50.050 MILLION OZ
DEC. 66.140 MILLION OZ//
TOTAL 2023: 1,104.10 MILLION OZ/
JAN ’24 : 78.655 MILLION OZ//
FEB /2024 : 66.135 MILLION OZ./FINAL
MARCH: 143.750 MILLION OZ// 4TH HIGHEST ON RECORD.
APRIL: 161.770 MILLION OZ (THIS MONTH WILL BE A WHOPPER OF ISSUANCE OF EFPS//3RD HIGHEST EVER RECORDED FOR A MONTH)
MAY: 135.995 MILLION OZ //WILL BE A STRONG MONTH FOR EXCHANGE FOR PHYSICAL ISSUANCE
JUNE 110.575 MILLION OZ ( WILL BE ANOTHER STRONG MONTH ISSUANCE)
JULY: 108.870 MILLION OZ (WILL BE A STRONG ISSUANCE MONTH/ A TOUCH OVER 100 MILLION OZ/)
AUGUST; 99.740 MILLION OZ//THIS MONTH WILL BE STRONG FOR ISSUANCE BUT LESS THAN JULY.
SEPT: 112.415 MILLION OZ//WILL BE A HUGE MONTH FOR EXCHANGE FOR PHYSICAL ISSUANCE
OCT; 97.485 MILLION OZ (WILL BE SMALLER ISSUANCE THIS MONTH )
NOV. 115.970 MILLION OZ ( HUGE THIS MONTH)
DEC: 132.54 MILLION OZ (THIS MONTH WILL BE A HUMDINGER FOR ISSUANCE BUT ISSUANCE SLOWED DRAMATICALLY THESE PAST FIVE DAYS/// WILL NOT EXCEED MARCH 2022 RECORD OF 209 MILLION OZ
YEAR 2024 TOTAL: 1363.84 MILLION OR 1.363 BILLION OZ
JANUARY 2025: 67.230 MILLION OZ///(THIS MONTH’S ISSUANCE OF EXCHANGE FOR PHYSICAL WILL BE SMALL)
FEB. 58.260 MILLION OZ//EXCHANGE FOR PHYSICAL ISSUANCE/FINAL
MARCH: 65.020 MILLION OZ///
XXXXXXXXXXXXXXXXXXXXXXXXXXXX
RESULT: WE HAD A MEGA HUGE SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 3711 CONTRACTS WITH OUR GAIN IN PRICE OF 60 CENTS IN SILVER PRICING AT THE COMEX// WEDNESDAY.,. THE CME NOTIFIED US THAT WE HAD A HUGE 1558 CONTRACT EFP ISSUANCE CONTRACTS: 1558 ISSUED FOR MAY AND 0 CONTRACTS ISSUED FOR ALL OTHER MONTHS) WHICH EXITED OUT OF THE SILVER COMEX TO LONDON AS FORWARDS. WE HAVE A GOOD INITIAL SILVER OZ STANDING FOR MARCH OF 78.455 MILLION OZ ON FIRST DAY NOTICE, FOLLOWED BY TODAY’S 0.105 MILLION OZ E.F.P. TRANSFER JUMP TO LONDON/
NEW STANDING REDUCES TO 80.745 MILLION OZ + .350 EX. FOR RISK//NEW TOTAL 81.095 MILLION OZ.
WE HAVE 1). A HUMONGOUS SIZED GAIN OF 5269 OI CONTRACTS ON THE TWO EXCHANGES WITH OUR HUGE GAIN IN PRICE// 2.THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A STRONG 579 CONTRACTS TRYING DESPERATELY TO CONTAIN SILVER’S PRICE RISE,//CONSIDERABLE FRONT END OF THE TAS CONTRACTS/MONTH END SPREADERS WERE LIQUIDATED DURING THE THURSDAY COMEX SESSION. HOWEVER THEY STILL NEED THESE ISSUANCES FOR REPLENISHMENT FOR FUTURE TRADING //3. ZERO NET LONG SPECULATORS WERE BURNED ON THURSDAY WITH OUR GAIN IN PRICE. ALSO 4. SOME OF OUR LONGS EXERCISED THEIR CONTRACTS AND TENDERED FOR PHYSICAL SILVER MUCH TO THE ANGER OF OUR BANKERS. SILVER IS NOT BASEL III COMPLIANT SO THE BANKERS CAN TAKE THEIR TIME WITH THE DELIVERY OF SILVER.
THE NEW TAS ISSUANCE THURSDAY NIGHT (579 ) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE AND MOST LIKELY TODAY.
WE HAD 202 NOTICE(S) FILED TODAY FOR 1.010 million OZ
THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL.
GOLD//OUTLINE
IN GOLD, THE COMEX OPEN INTEREST ROSE BY A STRONG SIZED 4554 OI CONTRACTS TO 512,637 AND CLOSER TO THE RECORD (SET JAN 24/2020) AT 799,105 AND PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110. (ALL TIME LOW OF 390,000 CONTRACTS.)
THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: REMOVED A LARGE SIZED 2302 CONTRACTS//
WE HAD A STRONG SIZED INCREASE IN COMEX OI (4554 CONTRACTS) OCCURRED WITH OUR STRONG GAIN OF $31.60 IN PRICE THURSDAY. THE FRBNY SUPPLIED THE NECESSARY SHORT PAPER.. WE ALSO HAD A HUMONGOUS INITIAL STANDING IN GOLD TONNAGE FOR MARCH AT 31.757 TONNES FOLLOWED BY TODAY’S STRONG 52,000 OZ QUEUE JUMP (1.6174 TONNES), ////NEW STANDING ADVANCES TO 60.33 TONNES + 6.8429 TONNES EX FOR RISK + ..7775 EX FOR RISK/PRIOR = 67.9479 TONNES
/NEW STANDING FOR MARCH; 60.33 TONNES + 7.6179 TONNES EX FOR RISK= 67.9479 TONNES
/ ALL OF THIS HAPPENED WITH OUR $31.60 GAIN IN PRICE WITH RESPECT TO THURSDAY’S COMEX ///. WE HAD A STRONG SIZED GAIN OF 6754 OI CONTRACTS (21.00 PAPER TONNES) ON OUR TWO EXCHANGES, WITH MANY LONGS, REMAINING AT THE END OF THE DAY, TENDERING FOR PHYSICAL GOLD VIA THE EXCHANGE FOR PHYSICAL ROUTE, MUCH TO THE ANGER AND HORROR EXHIBITED BY OUR MAJOR BANKER, THE FEDERAL RESERVE BANK OF NEW YORK. THE HORROR INTENSIFIED ONCE LONDON STARTED TO TRADE LAST WEEK, AND THROUGHOUT THE WEEK WITH MAJOR TENDERING FOR PHYSICAL VIA THE EXCHANGE FOR PHYSICAL ROUTE! THE RESULT: A MASSIVE AMOUNT OF GOLD STANDING FOR DELIVERY FOR THE FRONT MARCH CONTRACT MONTH. CENTRAL BANKERS ARE NOW WAITING PATIENTLY FOR THEIR DELIVERY OF GOLD VIA SLOW MOVING SHIPS.
E.F.P. ISSUANCE
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A STRONG SIZED 2033 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 512,637
IN ESSENCE WE HAVE A STRONG SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 6754 CONTRACTS WITH 4554 CONTRACTS INCREASED AT THE COMEX// AND A STRONG SIZED 2033 EXCHANGE FOR PHYSICAL OI CONTRACT ISSUANCE WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 6754 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A GOOD SIZED AND CRIMINAL 1328 CONTRACTS ISSUED.
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A GOOD SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (2033 CONTRACTS) ACCOMPANYING THE STRONG SIZED INCREASE IN COMEX OI OF 4554 CONTRACTS/TOTAL GAIN FOR OUR THE TWO EXCHANGES: 6754 CONTRACTS..WE HAVE 1) NOW RETURNED TO OUR FORMER FORMAT OF BANKERS GOING LONG AND SPECULATORS GOING SHORT ,2.) STRONG INITIAL STANDING AT THE GOLD COMEX FOR MARCH 31.757 TONNES FOLLOWED BY TODAY’S 1.6174 TONNES QUEUE JUMP. TO WHICH WE MUST ADD OUR NEW 7.6179 TONNES OF EX FOR RISK ON OUR THREE OCCASION ISSUANCES THIS MONTH.
//NEW STANDING ADVANCES TO 60.33 TONNES + 7.6179 = 67.9479 TONNES
//NEW STANDING MARCH: 67.9479 TONNES
.
/ 3) HUGE T.A.S. LIQUIDATION + MONTH END SPREADERS TRYING TO LOWER GOLD’S PRICE TUESDAY WITH ZERO SUCCESS IN REMOVING NET SPECULATOR LONGS, AS WE HAD 1) $31.60 COMEX PRICE GAIN AND WE HAD 2) ZERO NET LONG SPECS BEING CLIPPED AS WE HAD A STRONG GAIN OF 6754 CONTRACTS ON OUR TWO EXCHANGES (ALL DUE TO T.A.S. LIQUIDATION/MONTH END SPREADERS ) ALSO, 3)STICKY GOLD’S LONGS WERE REWARDED THURSDAY EVENING AS THEY EXERCISED EFP’S FROM LONDON TO TAKE DELIVERY OF BADLY NEEDED PHYSICAL AND THUS OUR HUGE TONNAGE STANDING FOR GOLD IN MARCH. ALL OF THE GAIN IN OI WAS DUE TO THE HUGE NUMBER OF T.A.S. LIQUIDATION/MONTH END SPREADER LIQUIDATION THURSDAY.
4) STRONG SIZED COMEX OPEN INTEREST INCREASE 5) STRONG ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///GOOD T.A.S. ISSUANCE: 1328 T.A.S.CONTRACTS//
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2023-2025 INCLUDING TODAY
MAR
ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF MARCH :
TOTAL EFP CONTRACTS ISSUED: 39,518 CONTRACTS OF 3,951,800 OZ OR 122.917 TONNES IN 20 TRADING DAY(S) AND THUS AVERAGING: 1976 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 20 TRADING DAY(S) IN TONNES 122.917 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2024, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 122.917 DIVIDED BY 3550 x 100% TONNES = 3.46% OF GLOBAL ANNUAL PRODUCTION
ACCUMULATION OF GOLD EFP’S YEAR 2021 TO 2023
JANUARY/2021: 265.26 TONNES (RAPIDLY INCREASING AGAIN)
FEB : 171.24 TONNES ( DEFINITELY SLOWING DOWN AGAIN)..
MARCH:. 276.50 TONNES (STRONG AGAIN/
APRIL: 189..44 TONNES ( DRAMATICALLY SLOWING DOWN AGAIN//GOLD IN BACKWARDATION)
MAY: 250.15 TONNES (NOW DRAMATICALLY INCREASING AGAIN)
JUNE: 247.54 TONNES (FINAL)
JULY: 188.73 TONNES FINAL
AUGUST: 217.89 TONNES FINAL ISSUANCE.
SEPT 142.12 TONNES FINAL ISSUANCE ( LOW ISSUANCE)_
OCT: 141.13 TONNES FINAL ISSUANCE (LOW ISSUANCE)
NOV: 312.46 TONNES FINAL ISSUANCE//NEW RECORD!! (INCREASING DRAMATICALLY)//SIGN OF REAL STRESS//SURPASSING THE MARCH 2021 RECORD OF 276.50 TONNES OF EFP
DEC. 175.62 TONNES//FINAL ISSUANCE//
TOTALS: 2,578.08 TONNES/2021
JAN:2022 247.25 TONNES //FINAL
FEB: 196.04 TONNES//FINAL
MARCH/2022: 409.30 TONNES //FINAL( THIS IS NOW A RECORD EFP ISSUANCE FOR MARCH AND FOR ANY MONTH.
APRIL: 169.55 TONNES (FINAL VERY LOW ISSUANCE MONTH)
MAY: 247.44 TONNES FINAL//
JUNE: 238.13 TONNES FINAL
JULY: 378.43 TONNES FINAL/SECOND HIGHEST ON RECORD
AUGUST: 180.81 TONNES FINAL
SEPT. 193.16 TONNES FINAL
OCT: 177.57 TONNES FINAL ( MUCH SMALLER THAN LAST MONTH)
NOV. 223.98 TONNES//FINAL ( MUCH LARGER THAN PREVIOUS MONTHS//comex running out of physical)
DEC: 185.59 tonnes // FINAL
TOTAL: 2,847,25 TONNES/2022
JAN 2023: 228.49 TONNES FINAL//HUGE AMOUNT OF EFP’S ISSUED THIS MONTH!!
FEB: 151.61 TONNES/FINAL
MARCH: 280.09 TONNES/INITIAL (ANOTHER STRONG MONTH FOR EFP ISSUANCE)
APRIL: 197.42 TONNES
MAY: 236.67 TONNES (A VERY STRONG ISSUANCE FOR THIS MONTH)
JUNE: 172.667 TONNES (WEAKER ISSUANCE THIS MONTH)
JULY: 151.69 TONNES (WEAKER THAN LAST MONTH)
AUGUST: 195.28 TONNES (A STRONGER MONTH)//FINAL
SEPT: 254.709 TONNES (WILL BE LARGER THAN LAST MONTH AND A STRONG MONTH)
OCT. 248.09 TONNES. LIKE SILVER, THIS MONTH IS GOING TO BE A STRONG E.F.P. ISSUANCE.
NOV. 239.16 TONNES//WILL BE STRONG THIS MONTH,
DEC. 213.704 TONNES. A STRONG MONTH//
TOTAL FOR YEAR 2023: 2,569.57 TONNES VS 2578 TONNES LAST YEAR
2024 AND 2025:
JAN ’24: 291.76 TONNES (WILL BE MUCH GREATER THAN LAST MONTH.//3RD HIGHEST EVER RECORDED EXCHANGE FOR PHYSICAL)
FEB’24: 201.947 TONNES
MARCH 2024: 352.21 TONNES//2ND HIGHEST EVER RECORDED EFP ISSUANCE.
APRIL: 267.05TONNES (WILL BE AN EXTREMELY STRONG MONTH BUT LESS THAN MARCH 2024)
MAY; 316.606 TONNES (WILL BE ANOTHER STRONG MONTH// 3RD HIGHEST RECORDED EFP ISSUANCE )// NOTICE THE HUGE INCREASES IN EX FOR PHYSICAL THESE PAST FEW MONTHS. THESE CONTRACTS ARE CIRCLED BACK FROM LONDON WHEREBY METAL IS REMOVED FROM THE COMEX.
JUNE 175.11 tonnes HEADING FOR A WEAKER MONTH AND MUCH LESS THAN THE THREE PREVIOUS MONTHS
JULY: 351. 65 TONNES (3RD HIGHEST EVER RECORDED EXCHANGE FOR PHYSICAL AND THE HIGHEST EVER RECORDED POST BASEL III)
AUGUST: 274.79 TONNES//THIS MONTH WILL NO DOUBT BE A STRONG ISSUANCE OF EFP’S BUT MUCH LESS THAN LAST MONTH.
SEPT: 335 .104 TONNES//IF THIS CONTINUES WE WILL HAVE A HUMDINGER OF AN EFP ISSUANCE. WE WILL PROBABLY END JUST SHORT OF THE 3RD HIGHEST ISSUANCE EVER RECORDED.
OCT. 277.71 TONNES (THIS WILL BE A GOOD ISSUANCE THIS MONTH)
NOV: 393.875 TONNES ( A HUGE MONTH////NOW SURPASSED THE PREVIOUS 3RD AND 2ND HIGHEST EVER RECORDED EX FOR PHYSICAL ISSUANCE TO BECOME THE 2ND HIGHEST EVER RECORDED
DEC 360.03 TONNES THIRD HIGHEST EVER RECORDED FOR EFP ISSUANCE
TOTAL 2024 YEAR. 3,597.846 TONNES
JAN. 2025: 257.919 TONNES (ISSUANCE WILL BE PRETTY GOOD THIS MONTH BUT MUCH LOWER THAN LAST MONTH)
FEB: 207.21 TONNES//EX FOR PHYSICAL ISSUANCE (WILL BE A FAIR SIZED ISSUANCE THIS MONTH)
MARCH 122.917 TONNES//QUITE SMALL THIS MONTH.
SPREADING OPERATIONS
(/NOW SWITCHING TO GOLD) FOR NEWCOMERS, HERE ARE THE DETAILS
SPREADING LIQUIDATION HAS NOW COMMENCED AS WE HEAD TOWARDS THE NEW ACTIVE FRONT MONTH OF APRIL. WE ARE NOW INTO THE SPREADING OPERATION OF GOLD
HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR ;MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF NOV HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF FEB., FOR GOLD: AND MARCH FOR SILVER
YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (OCT), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”
WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.
The crooks also use the spread in the TAS account (trade at settlement). They buy the spot TAS (e.g. June) and sell the future TAS two months out (e.g. August). Then they unload the front month (i.e. unload the buy side first so the price of gold/silver falls. This occurs in the middle of the front delivery month cycle. They unload the sell side of the equation, two months down the road. The crooks violate position limits as the OCC refuse to hear our complaints.
First, here is an outline of what will be discussed tonight:
1.TODAY WE HAD THE OPEN INTEREST AT THE COMEX IN SILVER FELL BY A MEGA HUGE SIZED 3711 CONTRACTS OI TO 172,497 AND FURTHER FROM THE COMEX HIGH RECORD //244,710( SET FEB 25/2020). THE LAST RECORDS WERE SET IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER 7 YEARS AGO. HOWEVER WE HAVE NOW SET A NEW RECORD LOW OF 114,102 CONTRACTS JULY 3.2023
EFP ISSUANCE 1558 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
MAY 1558 and 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 1558 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI GAIN OF 3711 CONTRACTS AND ADD TO THE 1558 E.FP. ISSUED
WE OBTAIN A MEGA HUGE SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 5269 CONTRACTS
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 27.135 MILLION OZ
OCCURRED WITH OUR HUGE $0.60 GAIN IN PRICE
OUTLINE FOR TODAY’S COMMENTARY
1a/COMEX GOLD AND SILVER REPORT
(report Harvey)
b, ) Gold/silver trading overnight Europe,//GOLD COMMENTARIES
(Peter Schiff)
c) Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens
ii a) Chris Powell of GATA provides to us very important physical commentaries
b. Other gold/silver commentaries
c. Commodity commentaries//
d)/CRYPTOCURRENCIES/BITCOIN ETC
2.ASIAN AFFAIRS FRIDAY MORNING//THURSDAY NIGHT
SHANGHAI CLOSED DOWN 22.44 PTS OR 0.67%
//Hang Seng CLOSED DOWN 152.20 PTS OR 0.65%
// Nikkei CLOSED DOWN 679.64 OR 1.80 %//Australia’s all ordinaries CLOSED UP 0.12%
//Chinese yuan (ONSHORE) CLOSED DOWN TO 7.2646 CHINESE YUAN OFFSHORE CLOSED DOWN TO 7.2758/ Oil UP TO 69.92 dollars per barrel for WTI and BRENT UP TO 73.99 Stocks in Europe OPENED ALL MOSTLY RED.
ONSHORE USA/ YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING
WEAkER AGAINST US DOLLAR/OFFSHORE YUAN WEAKER
END
END
ASIA TRADING FRIDAY MORNING/THURSDAY NIGHT
A)NORTH KOREA/SOUTH KOREA
outline
b) REPORT ON JAPAN/
OUTLINE
3 CHINA
OUTLINE
4/EUROPEAN AFFAIRS
OUTLINE
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
OUTLINE
6.Global Issues//COVID ISSUES/VACCINE ISSUES
OUTLINE
7. OIL ISSUES
OUTLINE
8 EMERGING MARKET ISSUES
9. USA
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A STRONG SIZED 4554 CONTRACTS TO 512,637 WITH OUR HUGE GAIN IN PRICE OF $31.60 WITH RESPECT TO THURSDAY’S TRADING/. WE LOST ZERO NET LONGS WITH THAT PRICE GAIN FOR GOLD. AND AS YOU WILL SEE BELOW, OUR GAIN IN PRICE ALSO HAD A STRONG NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (2033 ).
THE CME ANNOUNCED THURSDAY NIGHT,A MASSIVE 2200 EXCHANGE FOR RISK CONTRACTS FOR 220,000 OZ OR 6.8429 TONNES. LAST THURSDAY WAS THE FIRST ISSUANCE FOR MARCH FOR .4665 TONNES .ON TUESDAY, MARCH 25 WE HAD OUR 2ND ISSUANCE OF 100 CONTRACTS FOR A TOTAL OF .3110 TONNES. AND NOW WE HAVE OUR 3RD AND FINAL ISSUANCE FOR MARCH. THUS TOTAL NO. OF EXCHANGE FOR RISK ISSUANCE FOR THE MONTH OF MARCH EQUALS: 7.6179 TONNES OF GOLD WHICH WILL BE ADDED TO OUR MARCH DELIVERY TOTALS.
IN FEBRUARY: WE HAD FIVE EXCHANGE FOR RISKS IN GOLD, TOTALLING 18.4527 TONNES!. THE RECIPIENT OF THESE EXCHANGE FOR RISK CONTRACTS IS THE BANK OF ENGLAND WHO DESPERATELY WANT THEIR LEASED GOLD BACK. THUS WE HAVE TWO SEPARATE ENTITIES (CENTRAL BANKS) DEMANDING THEIR GOLD BACK:
- THE BANK OF ENGLAND
- THE FEDERAL RESERVE BANK OF NEW YORK
THE COUNTERPARTY TO THE BANK OF ENGLAND’S EXCHANGE FOR RISK ARE BULLION BANKS THAT CANNOT VERIFY THAT THEIR GOLD IS UNENCUMBERED AND THUS THE BUYER, THE CENTRAL BANK OF ENGLAND, ASSUMES THE RISK OF THAT DELIVERY. THIS IS THE 4TH CONSECUTIVE ISSUANCE FOR EXCHANGE FOR RISK ISSUANCE!!.
THUS IN TOTAL WE HAD A STRONG SIZED GAIN ON OUR TWO EXCHANGES OF 6754 CONTRACTS WITH OUR GAIN IN PRICE. OUR FRIENDLY PHYSICAL LONDON BOYS HAD ANOTHER FIELD DAY AGAIN ON THURSDAY NIGHT AS THEY WERE READY FOR THE FRBNY.S CONTINUED ORCHESTRATED RAID AS THEY TRIED TO ABSORB EVERYTHING IN SIGHT FROM THE DAILY ATTACKS WITH THE CONTINUAL LIQUIDATION OF T.A.S. CONTRACTS. LONDONERS EXERCISED THEIR BOUGHT CONTRACTS FOR PHYSICAL GOLD VIA THE EXCHANGE FOR PHYSICAL ROUTE AND THANKED THE FRBNY FOR THE THOUGHTFULNESS. LONDON ANNOUNCED LATE (JAN 30) THAT THEY WERE OUT OF GOLD. WRONGLY IT WAS ATTRIBUTED TO THEIR SHIPPING PHYSICAL GOLD TO COMEX FOR STORAGE DUE TO TRUMP’S INITIATION OF TARIFFS. THE TRUTH OF THE MATTER IS THAT THIS GOLD LEFT LONDON TO CENTRAL BANKS, AND COMEX BANKS HAVE BEEN PAPERING THEIR LOSSES (DERIVATIVE) WITH KILOBAR ENTRIES. DELIVERY OF GOLD CONTRACTS ARE NOW TAKING SEVERAL WEEKS. NO DEFAULT HAS BEEN INITIATED AS DEALERS ARE AFRAID OF LOSS OF THEIR JOBS. SO THIS FRAUD CONTINUES. THE LEASE RATES IN LONDON HAVE NOW REVERTED BACK TO 1% BUT GOLD IN LONDON IS STILL EXTREMELY SCARCE. WE CAN NOW SAFELY SAY THAT THERE IS A RUN ON A BANK AND THAT BANK IS THE BANK OF ENGLAND!!!
THE LIQUIDATION OF T.A.S. CONTRACTS THROUGHOUT THIS MONTH OF MARCH CONTINUES TO DISTORT OPEN INTEREST NUMBERS GREATLY AND IT SURELY WAS ON DISPLAY TODAY INCLUDING WITH OUR STRONG T.A.S. ISSUANCES AND HUGE T.A.S. LIQUIDATION// THROUGHOUT THE WEEK. THEY ISSUED LAST NIGHT A GOOD SIZED 1328 CONTRACTS. THE T.A.S. LIQUIDATION OF THESE T.AS. CONTRACTS IS WHY WE ARE HAVING A LOWER COMEX OPEN INTEREST GAINS AND LOSSES IN OI BUT THIS IS COUPLED WITH HUGE AMOUNTS OF GOLD STANDING FOR DELIVERY TO CONFUSE THE ISSUE!!!!! AND THIS WAS SURELY ON DISPLAY WITH YESTERDAY’S TOTALS.
THE FED IS THE OTHER MAJOR SHORT OF AROUND 22+ TONNES OF GOLD OWING TO THE B.I.S. THE FED NEEDS TO COVER AS THEY ARE VERY WORRIED ABOUT WHAT IS GOING TO HAPPEN TO GOLD PRICES ONCE THE BRICS BEGIN THEIR INITIATIVE AND ABANDON THE US DOLLAR. THIS WAS SCHEDULED TO HAPPEN LATE OCT 2024/(AS OUTLINED IN OUR GOLD PHYSICAL COMMENTARIES//VIEW ANDREW MAGUIRE LATEST LIVE FROM VAULT PODCAST FRIDAY’S 197 , 199, 2001, , 203 , ,205 , 207 209 AND 211 212 213,215 AND FRIDAY’S 216 AS HE TACKLES THIS IMPORTANT TOPIC). THE FOUR OR FIVE BANKS ARE ALSO WORRIED ABOUT THEIR HUGE PRECIOUS METAL DERIVATIVE EXPOSURE (NORTH OF ONE TRILLION DOLLARS) AND THIS IS PROBABLY THE MAJOR REASON FOR GOLD/SILVER’S RISE THESE PAST TWO MONTHS. THEY ARE TOTALLY TRAPPED., AND THEIR FAILURE TO STOP CENTRAL BANK PURCHASES OF PHYSICAL GOLD IS THE MAJOR ISSUE OF THE DAY!IT SURE LOOKS LIKE THE BIS HAS GIVEN THE FED ITS MARCHING ORDERS TO COVER ITS PHYSICAL GOLD SHORT AS TRUMP CAME INTO OFFICE MONDAY NOON JAN 20. TRUMP WILL PROBABLY BE FURIOUS WITH THE FED IF IT FINDS OUT THAT THEY (FRBNY) HAS BEEN MANIPULATING THE GOLD MARKET FOR THE PAST TWO YEARS.
OUR PHYSICAL LONDONERS BOUGHT NEW MASSIVE QUANTITIES OF LONGS AT ANY PRICE AND THIS GOLD BOUGHT WILL BE TENDERED FOR PHYSICAL ON A T + ???? BASIS. BECAUSE GOLD IS BASEL III COMPLIANT, GOLD IS SUPPOSED BE DELIVERED IN A VERY TIMELY ONE DAY. CENTRAL BANKS AROUND THE WORLD, BEING REPRESENTED BY OUR LONDONERS, ARE THE REAL PURCHASERS OF THIS GOLD.
THE PROBLEM FOR THOSE PROVIDING THE SHORT PAPER IS THE SHOCK TO THEM ON RECEIVING NOTICE THAT THE LONGS WANT THE PHYSICAL GOLD AS THEY TENDER FOR THAT SHINY YELLOW METAL. THE HIGH LIQUIDATION OF OUR TWO SPREADERS: 1) THE MONTH END SPREADERS AND 2. T.A.S DURING THESE PAST SEVERAL WEEKS IS SURELY DISTORTING COMEX OPEN INTEREST BUT THAT DOES NOT STOP LONDON’S ACCUMULATION OF PHYSICAL! YOU CAN ALSO VISUALIZE THAT PERFECTLY WITH THE HUGE AMOUNTS OF QUEUE JUMPING ORCHESTRATED BY CENTRAL BANKERS BOLTING AHEAD OF ORDINARY LONGS AS THEIR NEED FOR PHYSICAL IS GREAT AS THEY SCOUR THE PLANET LOOKING FOR GOLD.
EXCHANGE FOR PHYSICAL ISSUANCE
WE ARE NOW DEEP INTO THE NON ACTIVE DELIVERY MONTH OF MARCH .… THE CME REPORTS THAT THE BANKERS ISSUED A STRONG SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,
THAT IS A STRONG SIZED 2033 EFP CONTRACTS WERE ISSUED: : /APRIL 2033 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 2033 CONTRACTS. THESE EFP;S CIRCLE AROUND LONDON ON A 13 DAY BASIS AND ARE NOW USED BY GLOBAL CENTRAL BANKS TO EXERCISE FOR PHYSICAL GOLD WITH THE OBLIGATION TO DELIVER BEING FORCED ONTO COMEX BANKS. THE GOLD GENERALLY DELIVERED COMES FROM LONDON BUT THEY ARE OUT!! THUS COMEX BECOMES THE MAJOR SOURCE FOR OUR CENTRAL BANKERS.
ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A STRONG SIZED TOTAL OF 6754 CONTRACTS IN THAT 2033 CONTRACT LONGS WERE TRANSFERRED AS EXCHANGE FOR PHYSICALS TO LONDON AND WE HAD A STRONG GAIN OF 4554 COMEX CONTRACTS..AND THIS GAIN ON OUR TWO EXCHANGES HAPPENED WITH OUR HUGE GAIN IN PRICE OF $31.60 FOR THURSDAY/ COMEX. THE EXCHANGE FOR PHYSICALS WILL BE USED BY CENTRAL BANKS, TO EXERCISE FOR PHYSICAL GOLD AT THE COMEX AS MENTIONED ABOVE. MUCH+ OF THE TOTAL GAIN IN OUR TWO EXCHANGES WAS DUE TO THE LIQUIDATION OF T.A.S. CONTRACTS.(GOVERNMENT) AND MONTH END SPREADERS!
T.A.S. ISSUANCE
AS PER OUR NEWBIE TRADE AT SETTLEMENT (TAS) MANIPULATION OPERATION (WHICH CRAIG HEMKE HAS POINTED OUT HAPPENS USUALLY DURING MID MONTH IN THE DELIVERY CYCLE), BUT NOW ON A DAILY BASIS, THE CME REPORTS THAT THE TOTAL T.A.S. ISSUANCE FOR THURSDAY NIGHT/FRIDAY MORNING WAS A GOOD SIZED 1328 CONTRACTS, AS AGAIN, ALL OF THE TRADING AND SUPPLY OF CONTRACTS HAVE BEEN ORCHESTRATED BY GOVERNMENT (FEDERAL RESERVE BANK OF NEW YORK). AS PER THEIR MEGA 5 DAY ISSUANCE OF T.A.S OVER 4 WEEKS AGO AND AGAIN LAST WEEK,, THE FED HAS BEEN EXPERIMENTING WITH EINSTEIN’S DEFINITION OF INSANITY….TRYING TO DO THE SAME THING OVER AND OVER AGAIN HOPING FOR A DIFFERENT RESULT. HIS DEFINITION STILL STANDS.. THE CROOKS ACCOMPLISHED LITTLE AS FEW LEFT OUR GOLD METAL ARENA. DURING OPTIONS EXPIRY WEEK, A HUGE RAID WAS ORDERED BY THE FED WITH END OF THE MONTH TRADING ( FEB 25 THROUGH FEB 28) AS THE GOLD PRICE GOT HAMMERED A BIT WITH ONLY THE PAPER PRICE OF GOLD LOWERING! . AND NOW ,THIS MONTH, WE HAD+ ANOTHER 5 DAY MEGA ISSUANCE BUT CORRESPONDING MEGA RAIDS FAILED TO MATERIALIZE. I WOULD LIKE TO POINT OUT THAT LAST WEDNESDAY MARCH 17, THE 38,393 T.A.S. CONTRACT ISSUANCE WAS THE HIGHEST ON RECORD!
THE RAIDS ON OPTIONS EXPIRY DOES TWO IMPORTANT THINGS FOR OUR CROOKS:
- STALLS THE ADVANCE IN PRICE
- LOWERS THEIR ADVANCING DERIVATIVE LOSSES.
MECHANICS OF T.A.S CONTRACTS/DECEMBER THROUGH MARCH.
THROUGHOUT THE PAST SEVERAL WEEKS, THE BANKERS CONTINUE TO SELL OFF THE LONG SIDE OF THE SPREAD (T.A.S.) WHICH OF COURSE CONTINUES TO MANIPULATE THE PRICE OF GOLD SOUTHBOUND. (THEY KEEP THE SHORT SIDE OF THE CALENDAR/T.A.S. SPREAD WHICH WILL BE LIQUIDATED IN DAYS HENCE//. IT SEEMS THAT OUR CROOKS ORCHESTRATED, ON FEB 25, THEIR HUGE RAID TO LOWER THE PRICE OF GOLD TO MAKE THEIR COMEX BETS WHOLE ON OPTIONS EXPIRY WEEK AND THUS THE NEED FOR CONTINUAL STRONG T.A.S. ISSUANCE AND THEN LIQUIDATION. THIS WAS COUPLED WITH THE LIQUIDATION OF CALENDAR//MONTH END SPREADERS . THE USE OF OUR TWO SPREADER MECHANISMS WERE OF EXTREME IMPORTANCE TO OUR CROOKS IN LATE JANUARY OPTIONS EXPIRY TRADING AND AGAIN WITH FEBRUARY OPTION EXPIRY MONTH. HALF WAY THROUGH THE JANUARY COMEX MONTH, THE CROOKS ISSUED FIVE CONSECUTIVE 30,000+ CONTRACT ISSUANCE OF T.A.S KNOWING THAT THEY WERE GOING TO INITIATE HUGE RAIDS ON OUR METALS. THEN THEY ISSUED IN LATE FEB, ANOTHER 5 CONSECUTIVE 30,000+ ISSUANCES. AND THEN, FOR THE FIRST TIME IN COMEX HISTORY WE WITNESSED THREE CONSECUTIVE MONTHS OF MEGA HUGE 30,000 + T.A.S CONTRACT ISSUANCES: JANUARY, FEB AND MARCH
STANDING FOR GOLD FOR THE PAST 4 PLUS YEARS:
// WE HAD A HUGE AMOUNT OF GOLD TONNAGE STANDING: MARCH (67.9479 TONNES) WHICH IS HUGE FOR OUR NON ACTIVE MARCH DELIVERY MONTH / FEB HAD THE HIGHEST STANDING FOR GOLD EVER RECORDED FOR ANY MONTH.
YEAR 2025:
JAN 2025: 113.30 TONNES
FEB: 2025: 256.607 TONNES (WHICH INCLUDES 18.4567 TONNES OF EX FOR RISK)
AND NOW MARCH:
STANDING FOR GOLD : 60.33 TONNES + 7.6179 TONNES EX FOR RISK = 67.9479 TONNES WHICH IS EXTREMELY HIGH FOR A NON DELIVERY MONTH.
HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 51 MONTHS OF 2021-2025:
DEC 2021: 112.217 TONNES
NOV. 8.074 TONNES
OCT. 57.707 TONNES
SEPT: 11.9160 TONNES
AUGUST: 80.489 TONNES
JULY 7.2814 TONNES
JUNE: 72.289 TONNES
MAY 5.77 TONNES
APRIL 95.331 TONNES
MARCH 30.205 TONNES
FEB ’21. 113.424 TONNES
JAN ’21: 6.500 TONNES.
TOTAL YEAR 2021 (JAN- DEC): 601.213 TONNES
YEAR 2022:
JANUARY 2022 17.79 TONNES
FEB 2022: 59.023 TONNES
MARCH: 36.678 TONNES
APRIL: 85.340 TONNES FINAL.
MAY: 20.11 TONNES FINAL
JUNE: 74.933 TONNES FINAL
JULY 29.987 TONNES FINAL
AUGUST:104.979 TONNES//FINAL
SEPT. 38.1158 TONNES
OCT: 77.390 TONNES/ FINAL
NOV 27.110 TONNES/FINAL
Dec. 64.000 tonnes
(TOTAL YEAR 656.076 TONNES)
2023:
JAN/2023: 20.559 tonnes
FEB 2023: 47.744 tonnes
MAR: 19.0637 TONNES
APRIL: 75.676 tonnes
MAY: 19.094 TONNES + 1.244 tonnes of exchange for risk = 20.338
JUNE: 64.354 TONNES
JULY: 10.2861 TONNES
AUGUST: 38.855 TONNES(INCLUDING .6842 EXCHANGE FOR RISK)
SEPT: 15.281 TONNES FINAL
OCT. 35.869 TONNES + 1.665 EXCHANGE FOR RISK =37.0355 tonnes
NOV: 18.7122 TONNES + 16.2505 EX. FOR RISK = 34.9627 TONNES
DEC. 47.073 + 4.634 TONNES OF EXCHANGE FOR RISK = 51.707 TONNES
TOTAL 2023 YEAR : 436.546 TONNES
2024
JAN ’24. 22.706 TONNES
FEB. ’24: 66.276 TONNES (INCLUDES 1.723 TONNES EX. FOR RISK)
MARCH: 18.8398 TONNES + 1.1695 EX FOR RISK = 20.093 TONNES
APRIL: 2024: 53.673TONNES FINAL
MAY/ 2024 8.5536 TONNES + 3.3716 TONNES EX FOR RISK/= 11.9325
JUNE; 95.578 TONNES. + 1.045 TONNES EXCHANGE FOR RISK =96.623 THIS IS THE HIGHEST RECORDED GOLD STANDING SINCE AUGUST 2022
JULY: 11.692 TONNES
AUGUST 69.602 TONNES//FINAL STANDING
SEPT. 13.164 TONNES.
OCT 39.474 TONNES + + 20.917 TONNES EXCHANGE FOR RISK =60.391 TONNES
NOV . 11.265 TONNES +4.665 TONNES EXCHANGE FOR RISK/TUESDAY + 3.11 TONNES OF EX. FOR RISK/PRIOR = 19.0425 TONNES
DEC: 80.4230 TONNES PLUS DEC MONTH EXCHANGE FOR RISK TOTAL 14.6836 TONNES EQUALS 95.1066 TONNES
total year 2024: 540.30 tonnes
2025
January 2025: 70.102 TONNES + 43.208 EXCHANGE FOR RISK= 113.310 TONNES
FEBRUARY:/NEW STANDING ADVANCES TO 238.153TONNES +18.4527 EX FOR RISK
= 256.607 TONNES.
MARCH: 67.9479 TONNES (INCLUDES .7775 TONNES EX FOR RISK)
COMEX GOLD TRADING/MARCH CONTRACT MONTH
THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE BY $31.60/)/AND WERE UNSUCCESSFUL IN KNOCKING OFF ANY APPRECIABLE NET SPECULATOR LONGS AS WE DID HAVE A STRONG SIZED GAIN IN OUR TWO EXCHANGES. AND AS EXPLAINED ABOVE WE HAD HUGE T.A.S. SPREADER LIQUIDATION THURSDAY AS WELL AS COMMENCEMENT OF MONTH END SPREADER LIQUIDATION/ AS THEY WERE TRYING TO QUELL GOLD’S ATTEMPT AT FURTHER INCREASES ABOVE $3,000 AND STOP HUGE COMEX/OTC DERIVATIVE LOSSES FROM ALSO RISING AND THEY FAILED MISERABLY AS GOLD IS NOW WELL ABOVE THE $3,000 THRESHOLD AT 3,083 PLUS.
LAST NIGHT/FRIDAY MORNING
THE CROOKS HOWEVER COULD NOT STOP CENTRAL BANK LONGS, SEIZING THE MOMENT, THEY EXERCISED AGAIN FOR PHYSICAL IN A BIG WAY TENDERING FOR PHYSICAL THURSDAY EVENING/FRIDAY MORNING AND THUS OUR HUGE NUMBER OF GOLD CONTRACTS STANDING FOR DELIVERY AT THE COMEX. CENTRAL BANKERS WAIT PATIENTLY FOR THE GOLD TO ARRIVE BY BOAT. IT IS NOW TAKING SEVERAL WEEKS TO DELIVER AND THUS THE REASON FOR THE HUGE LEASE RATE AT 10% (SCARCITY OF GOLD) THIS PAST MONTH.
EXCHANGE FOR RISK EXPLANATION/FEB THROUGH MARCH TRADING
EXCHANGE FOR RISK CONTRACTS/MONTH FOR FEBRUARY:
THE CME ANNOUNCED TO THE WORLD THAT ON FEB 4 THEY ISSUED 100 CONTRACTS OF EXCHANGE FOR RISK TO THE BANK OF ENGLAND.THEN A FEW NIGHTS AGO,FEB 4 THEY ISSUED THEIR SECOND CONSECUTIVE EXCHANGE FOR RISK OF 500 CONTRACTS FOR 50,000 OZ (1.555 TONNES OF GOLD. FEB 6 WAS THE THIRD ISSUANCE FOR A HUGE 2400 CONTRACTS, 240,000 OZ OR 7.465 TONNES. AND THEN FINALLY FRIDAY NIGHT, THE 4TH EXCHANGE FOR RISK WAS ISSUED REPRESENTED BY 2834 CONTRACTS OR 283400 OZ OR 8.8149 TONNES OF GOLD WITH THE OWNER OF THOSE CONTRACTS BEING THE BANK OF ENGLAND. THE BANK OF ENGLAND WANTS THEIR GOLD BACK. THIS NEW EXCHANGE FOR RISK WILL BE ADDED TO PREVIOUS EXCHANGE FOR RISK OF 9.3264 TONNES TO A NEW TOTAL EXCHANGE FOR RISK = 18.1413 TONNES. IN MID WEEK WE HAD ANOTHER .3114 TONNES OF EXCHANGE FOR RISK ISSUANCED//NEW TOTAL 18,4527 TONNES!..FINALLY THIS TOTAL WAS ADDED TO OUR REGULAR DELIVERIES THROUGH THE MONTH.
EXCHANGE FOR RISK CONTRACTS/MONTH FOR MARCH
EARLY IN THE DELIVERY CYCLE THE CME NOTIFIED US THAT WE HAD OUR FIRST EXCHANGE FOR RISK CONTRACT ISSUANCE IN MARCH FOR 150 CONTRACTS REPRESENTING 15,000 OZ OF GOLD OR .46656 TONNES. THE BANK OF ENGLAND IS STILL NOT SATISFIED AS THEY NEED TO RETRIEVE ALL OF ITS LOST GOLD THROUGH LEASING! THE 15,000 OZ WAS ADDED TO OUR NORMAL DELIVERY TOTAL.
NOW MARCH ISSUES IT’S THIRD EXCHANGE FOR RISK:
TOTAL ISSUANCE OF EXCHANGE FOR RISK MARCH 28 TOTALS 2200 CONTRACTS FOR 6.8429 TONNES OF GOLD. PRIOR ISSUANCE: .7775 TONNES. THUS TOTAL EXCHANGE FOR RISK FOR MARCH : 7.6179 TONNES OF GOLD. MARCH BECOMES THE 4TH CONSECUTIVE MONTH FOR EXCHANGE FOR RISK ISSUANCE.
STANDING NOW FOR MARCH:
MARCH: 60.33 TONNES +(6.8429 EX FOR RISK MARCH 28+ .7775 TONNES EX FOR RISK/PRIOR TOTAL EX FOR RISK 7.6179) = 67.9479 TONNES
WE HAVE GAINED A FAIR SIZED TOTAL OF 21.00 PAPER TONNES FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL GOLD TONNAGE STANDING FOR MARCH (31.753TONNES) ON FIRST DAY NOTICE FOLLOWED BY TODAY’S STRONG QUEUE JUMP OF 52,000 OZ OR 1.6174 TONNES: NEW TOTAL STANDING 60.33 TONNES TO WHICH WE ADD OUR 7.6179 TONNES OF EXCHANGE FOR RISK//NEW TOTAL: 67.9479 TONNES
ALL OF THIS WAS ACCOMPLISHED WITH OUR GAIN IN PRICE TO THE TUNE OF $31.60
WE HAD 2302 CONTRACTS REMOVED TO THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL. AND THIS IS TOTALLY INSANE AS WELL
NET GAIN ON THE TWO EXCHANGES 6754 CONTRACTS OR 675400 0Z (21.00 TONNES)
confirmed volume THURSDAY 327,891 contracts: good///
//speculators have left the gold arena
END
MARCH
// THE MARCH 2025 GOLD CONTRACT
MARCH 28
INITIAL
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | 0 entry . zero entry |
| Deposit to the Dealer Inventory in oz | 1 ENTRY i) Into ASAHI dealer 32,118.949 oz (999 kilobars) total weight in tonnes: 0.999 tonnes |
| Deposits to the Customer Inventory, in oz | we have 4 customer entries we have 4 customer deposits i) into JPMorgan customer acct 241.325 oz (75 kilobars) ii) Brinks 16,008.643 oz ii) Malca: 67,002.684 oz (2084 kilobars) iv) Manfra: 61,772.328 oz total customer weight: 147,194.980 oz or 4.578 tonness total weight dealer and customer; 5.577 tonnes xxxxxxxxxxxxxxxxI |
| No of oz served (contracts) today | 521 notice(s) 52,100 OZ 1.620 TONNES |
| No of oz to be served (notices) | 0 contracts 100 OZ 0.0000 TONNES |
| Total monthly oz gold served (contracts) so far this month | 19,398 notices 1,939,800 oz 60.33 TONNES |
| Total accumulative withdrawals of gold from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of gold from the Customer inventory this month |
dealer deposits:
dealer deposits: 1
1 ENTRY
i) Into ASAHI dealer 32,118.949 oz
(999 kilobars)
total weight in tonnes: 0.999 tonnes
xxxxxxxxxxxxxxxxxxxxx
deposits customer
we have 4 customer deposits
i) into JPMorgan customer acct 241.325 oz
(75 kilobars)
ii) Brinks 16,008.643 oz
ii) Malca: 67,002.684 oz (2084 kilobars)
iv) Manfra: 61,772.328 oz
total customer weight: 147,194.980 oz
or 4.578 tonness
total weight dealer and customer; 5.577 tonnes
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withdrawals: 0
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adjustments: customer to dealer: 4 entries
i) Brinks: 12,191.712 oz
ii) Int. Delaware 675.165 oz
iii) JPMorgan 160,690.698 oz
iv) Malca: 163,552.137 oz oz
total weight adjusted 335,759.442 oz or 10.443 tonnes
AMOUNT OF GOLD STANDING FOR MARCH
THE FRONT MONTH OF MARCH HAD A GAIN OF 441 CONTRACTS TO STAND AT 521. WE HAD 79 CONTRACTS SERVED ON THURSDAY SO WE GAINED 520 CONTRACTS FOR 52,000 OZ (1.6174 TONNES AS A PHYSICAL GOLD QUEUE JUMP. THIS IS CENTRAL BANKS LOOKING FOR BADLY NEEDED GOLD
APRIL HAD A LOSS OF ONLY 33,458 CONTRACTS DOWN TO 61,062 CONTRACTS AS THIS MONTH BECOMES THE FRONT MONTH. WE HAVE 1 MORE READING DAY ON FIRST DAY NOTICE, MONDAY MARCH 31.
APRIL WILL BE A DANDY DELIVERY MONTH!!! CERTAINLY OVER 120 TONNES OF GOLD
MAY GAINED 911 CONTRACTS UP TO 3538.
We had 521 contracts filed for today representing 52,100 oz
This is a huge major assault on the comex for gold and this time it is physical that will be requested.
Today, 0 notice(s) were issued from J.P.Morgan dealer and 0 notices issued from their client or customer account. The total of all issuance by all participants equate to 521 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 0 notice(s) was (were) stopped (received) by J.P.Morgan//customer account
To calculate the INITIAL total number of gold ounces standing for MARCH /2025. contract month, we take the total number of notices filed so far for the month (19,398 X 100 oz ) to which we add the difference between the open interest for the front month of MARCH (521 CONTRACTS) minus the number of notices served upon today (521 x 100 oz per contract) equals 1,939,800 OZ OR 60.330 TONNES to which we add our 7.6179 tonnes exchange for risk//new total tonnage standing: 67.9479 tonnes
thus the INITIAL standings for gold for the MARCH contract month: No of notices filed so far (19,398 x 100 oz +we add the difference for front month of MARCH (521 OI} minus the number of notices served upon today (521 x 100 oz) which equals 1,939,800 OZ OR 60.33 TONNES + .7.6179 ex for risk //new total 67.9479 tonnes
TOTAL COMEX GOLD STANDING FOR MARCH.: 67.9479 TONNES WHICH IS HUGE FOR THIS NON ACTIVE ACTIVE DELIVERY MONTH IN THE CALENDAR. FEBRUARY HAD THE HIGHEST DELIVERY FOR ANY MONTH AND MARCH IS FOLLOWING SUIT..
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COMEX GOLD INVENTORIES/CLASSIFICATION
NEW PLEDGED GOLD:
241,794.285 oz NOW PLEDGED /HSBC 5.94 TONNES
204,937.290 OZ PLEDGED MANFRA 3.08 TONNES
83,657.582 PLEDGED JPMorgan no 1 1.690 tonnes
265,999.054, oz JPM No 2
1,152,376.639 oz pledged Brinks/
Manfra: 33,758.550 oz
Delaware: 193.721 oz
International Delaware:: 11,188.542 oz
total pledged gold: 1,972, 118.482 oz 61.34 tonnes
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 43,347,625.918 .oz
TOTAL REGISTERED GOLD 22,752,455.145 or 707.696 tonnes
TOTAL OF ALL ELIGIBLE GOLD: 20,595,170.773 OZ
REGISTERED GOLD THAT CAN BE SERVED UPON: 20,780.337oz (REG GOLD- PLEDGED GOLD)= 646.355tonnes //
END
SILVER/COMEX
// THE MARCH 2025 SILVER CONTRACT//INITIAL
MARCH 27
INITIAL
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | withdrawals 1 Brinks 50,890.100 oz |
| Deposits to the Dealer Inventory | 2 entries i) Into Brinks dealer acct 622,091.830 oz ii) Into ASAHI: 1,228,631.320 oz total 1850,723.15 oz total dealer 312,701.477 oz |
| Deposits to the Customer Inventory | 4 entries i) Into Brinks customer acct 2018.195 oz ii) Into CNT 13,832.790 oz iii) Into JPMorgan 1,833,748.900 oz iv) Into Manfra; 323.336.912 oz total 2172,936.802 oz |
| No of oz served today (contracts) | 202 CONTRACT(S) (1.010 MILLION OZ |
| No of oz to be served (notices) | 0 contracts (0 MILLION oz) |
| Total monthly oz silver served (contracts) | 16,149 Contracts (80.745 million oz) |
| Total accumulative withdrawal of silver from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of silver from the Customer inventory this month |
2 entries
i) Into Brinks dealer acct 622,091.830 oz
ii) Into ASAHI: 1,228,631.320 oz
total 1850,723.15 oz
total dealer 312,701.477 oz
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deposits customer side
4 entries
i) Into Brinks customer acct 2018.195 oz
ii) Into CNT 13,832.790 oz
iii) Into JPMorgan 1,833,748.900 oz
iv) Into Manfra; 323.336.912 oz
total 2172,936.802 oz
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1 entries
withdrawals 1
Brinks
50,890.100 oz
ADJUSTMENTs 1 entries// customer to dealer:
Brinks: 971,162.280 oz
JPMorgan has a total silver weight: 190,478million oz/472.420oz million or 40.32%
TOTAL REGISTERED SILVER: 152.514 MILLION OZ//.TOTAL REG + ELIGIBLE. 472.420Million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR MARCH
silver open interest data:
FRONT MONTH OF MARCH /2025 OI: 202 OPEN INTEREST CONTRACTS FOR A LOSS OF 388 CONTRACTS.WE HAD 367 CONTRACTS SERVED ON THURSDAY SO WE LOST ANOTHER 21 CONTRACTS OR 0.105 MILLION OZ UNDERWENT AN EFP TRANSFER TO LONDON LOOKING FOR METAL OVER ON THE LONDON SIDE OF THE POND THIS IS THE 4TH CONSECUTIVE EFP TRANSFER THIS MONTH. WE MUST NOW ADD THAT CRAZY 70 CONTRACT EX FOR RISK/PRIOR FOR 350,000 OZ. THE BANK OF ENGLAND OR ANOTHER OFFICIAL ENTITY IS ASSUMING THE RISK OF DELIVERY AND THE COUNTERPARTY ARE BULLION BANKS WHO CANNOT GUARANTEE DELIVERY.
APRIL SAW A LOSS OF 132 CONTRACTS TO STAND AT 2172. APRIL IS NOW THE NEW FRONT MONTH
AND PROBABLY AROUND 10 MILLION OZ WILL STAND FOR DELIVERY AT THE COMEX.
MAY SAW A GAIN OF 2586 CONTRACTS UP TO 126,596 CONTRACTS
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 202 or 1.010 MILLION oz
CONFIRMED volume; ON THURSDAY 88,860 huge//
AND NOW MARCH DELIVERIES:
To calculate the number of silver ounces that will stand for delivery in MARCH. we take the total number of notices filed for the month so far at 16,,149 X5,000 oz = 80.745 MILLION oz
to which we add the difference between the open interest for the front month of MAR (202) AND the number of notices served upon today (202 )x (5000 oz)
Thus the standings for silver for the MARCH 2025 contract month: (16,149) Notices served so far) x 5000 oz + OI for the front month of MAR(202) minus number of notices served upon today (202)x 5000 oz equals silver standing for the MARCH contract month equating to 80.745 MILLION OZ TO WHICH WE ADD .350 MILLION OZ EX FOR RISK//NEW TOTAL 81.095 MILLION OZ//
New total standing: 81.095 million oz which is huge for this very active delivery month of March.
We must also keep in mind that there is considerable silver standing in London coming from our longs in New York that underwent EFP transfers.
There are 152.514million oz of registered silver.
The record level of silver open interest is 234,787 contracts set on April 21./2017 with the price on that day at $18.42. The previous record was 224,540 contracts with the price at that time of $20.44.
Now that we have surpassed $28.40 the next big line in the sand for silver is $34.76. After that the moon
0 the next big line in the sand for silver is $34.76. After that the moon
END
BOTH GLD AND SLV ARE MASSIVE FRAUDS!
GLD AND SLV INVENTORY LEVELS/
MARCH 26 WITH GOLD UP $42.45 TODAY// SMALL CHANGES IN GOLD AT THE GLD: A DEPOSIT OF .29 TONNES OF GOLD INTO THE GLD. ///INVENTORY RESTS AT 929.65 TONNES
MARCH 26 WITH GOLD UP $31.60 TODAY// NO CHANGES IN GOLD AT THE GLD: ///INVENTORY RESTS AT 929.36 TONNES
MARCH 25 WITH GOLD UP $13.90 TODAY// HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 1.44 TONNES OF GOLD FROM THE GLD/ ///INVENTORY RESTS AT 929.07 TONNES
MARCH 24 WITH GOLD DOWN $6.10 TODAY// HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 20.08 TONNES OF GOLD INTO THE GLD///INVENTORY RESTS AT 930.51 TONNES
MARCH 21 WITH GOLD DOWN $20.50 TODAY// HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 1.15 TONNES OF GOLD INTO THE GLD///INVENTORY RESTS AT 910.43 TONNES
MARCH 20 WITH GOLD UP $3.05 TODAY// HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 2.01 TONNES OF GOLD INTO THE GLD///INVENTORY RESTS AT 909.28 TONNES
MARCH 19 WITH GOLD UP $0.45 TODAY// NO CHANGES IN GOLD AT THE GLD: ///INVENTORY RESTS AT 907.27 TONNES
MARCH 18 WITH GOLD UP $34.05 TODAY// SMALL CHANGES IN GOLD AT THE GLD:A DEPOSIT OF 0.86 TONNES TONNES OUT OF THE GLD ///INVENTORY RESTS AT 907.27 TONNE
MARCH 17 WITH GOLD UP $34.05 TODAY// SMALL CHANGES IN GOLD AT THE GLD:A DEPOSIT OF 0.64 TONNES TONNES OUT OF THE GLD ///INVENTORY RESTS AT 906.41 TONNES
MARCH 14 WITH GOLD UP $9.75 TODAY HUGE CHANGES IN GOLD AT THE GLD:A MONSTER DEPOSIT OF 7.17 TONNES TONNES OUT OF THE GLD ///INVENTORY RESTS AT 905.81 TONNES
MARCH 13 WITH GOLD UP $42.85 TODAY HUGE CHANGES IN GOLD AT THE GLD:A DEPOSIT OF 3.44 TONNES TONNES OUT OF THE GLD ///INVENTORY RESTS AT 898.64 TONNES
MARCH 12 WITH GOLD UP $22.10 TODAY HUGE CHANGES IN GOLD AT THE GLD:A DEPOSIT OF 3.90 TONNES TONNES OUT OF THE GLD ///INVENTORY RESTS AT 895.20 TONNES
MARCH 11 WITH GOLD UP $21.20 TODAY HUGE CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 3.45 TONNES TONNES OUT OF THE GLD ///INVENTORY RESTS AT 891.30 TONNES
MARCH 10 WITH GOLD DOWN $12.45 TODAY HUGE CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 4.30 TONNES TONNES OUT OF THE GLD ///INVENTORY RESTS AT 894.317 TONNES
MARCH 7 WITH GOLD DOWN $12.00 TODAY HUGE CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 1.72 TONNES TONNES OUT OF THE GLD ///INVENTORY RESTS AT 898.64 TONNES
MARCH 6 WITH GOLD UP $2.10 TODAY HUGE CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 1.44 TONNES TONNES OUT OF THE GLD ///INVENTORY RESTS AT 900.30 TONNES
MARCH 5 WITH GOLD UP $6.75 TODAY HUGE CHANGES IN GOLD AT THE GLD:A DEPOSIT OF 0.87 TONNES INTO THE GLD ///INVENTORY RESTS AT 901.80 TONNES
MARCH 4 WITH GOLD UP $19.05 TODAY HUGE CHANGES IN GOLD AT THE GLD:A MASSIVE WITHDRAWAL OF 3.45 TONNES INTO THE GLD ///INVENTORY RESTS AT 900.93 TONNES
MARCH 3 WITH GOLD UP $50.70 TODAY HUGE CHANGES IN GOLD AT THE GLD:A MASSIVE WITHDRAWAL OF 1.72 TONNES INTO THE GLD ///INVENTORY RESTS AT 904.38 TONNES
FEB 28 WITH GOLD DOWN $44.70 TODAY HUGE CHANGES IN GOLD AT THE GLD:A MASSIVE WITHDRAWAL OF 1.72 TONNES INTO THE GLD ///INVENTORY RESTS AT 904.38 TONNES
FEB 26 WITH GOLD DOWN $40,85 TODAY HUGE CHANGES IN GOLD AT THE GLD:A MASSIVE DEPOSIT OF 3.45 TONNES INTO THE GLD ///INVENTORY RESTS AT 907.83 TONNES
FEB 25 WITH GOLD DOWN $40,85 TODAY HUGE CHANGES IN GOLD AT THE GLD:A MASSIVE DEPOSIT OF 3.45 TONNES INTO THE GLD ///INVENTORY RESTS AT 907.83 TONNES
FEB 24 WITH GOLD UP 7,65 TODAY HUGE CHANGES IN GOLD AT THE GLD:A MASSIVE DEPOSIT OF 20.66 TONNES FROM THE GLD ///INVENTORY RESTS AT 904.38TONNES
FEB 21 WITH GOLD DOWN $1.35 TODAY HUGE CHANGES IN GOLD AT THE GLD:A DEPOSIT OF 5.77ONNES FROM THE GLD ///INVENTORY RESTS AT 883.72TONNES
FEB 20 WITH GOLD DOWN $10.40 TODAY HUGE CHANGES IN GOLD AT THE GLD:A DEPOSIT OF 8.51TONNES FROM THE GLD ///INVENTORY RESTS AT 877,95TONNES
FEB 19/ WITH GOLD DOWN $10.40 TODAY HUGE CHANGES IN GOLD AT THE GLD:A DEPOSIT OF 6.38TONNES FROM THE GLD ///INVENTORY RESTS AT 869.44TONNES
FEB 18/ WITH GOLD UP $43.00 TODAY HUGE CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 1.14TONNES FROM THE GLD ///INVENTORY RESTS AT 863.06TONNES
GLD INVENTORY: 929.65 TONNES, TONIGHTS TOTAL
SILVER
MARCH 28 WITH SILVER DOWN $0.21 /HUGE CHANGES IN SILVER INVENTORY AT THE SLV” A STRONG WITHDRAWAL OF 1.092 MILLION OZ FROM THE SLV//// //INVENTORY AT SLV RESTS AT 447.422 MILLION
MARCH 27 WITH SILVER UP $.60 /HUGE CHANGES IN SILVER INVENTORY AT THE SLV” A MASSIVE WITHDRAWAL OF 6.369 MILLION OZ FROM THE SLV//// //INVENTORY AT SLV RESTS AT 448.514 MILLION
MARCH 26 WITH SILVER DOWN $0.21 /HUGE CHANGES IN SILVER INVENTORY AT THE SLV” A MASSIVE WITHDRAWAL OF 6.369 MILLION OZ FROM THE SLV//// //INVENTORY AT SLV RESTS AT 448.514 MILLION
MARCH 25 WITH SILVER UP $0.63 /HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A MASSIVE DEPOSIT OF 13.649 MILLION OZ INTO THE SLV// //INVENTORY AT SLV RESTS AT 454.883 MILLION
MARCH 24 WITH SILVER UP $0.04 /HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.728 MILLION OZ FROM THE SLV// //INVENTORY AT SLV RESTS AT 441.234 MILLION
MARCH 21 WITH SILVER DOWN $0.45 /HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.092 MILLION OZ FROM THE SLV// //INVENTORY AT SLV RESTS AT 442.962 MILLION
MARCH 20 WITH SILVER DOWN $0.15 /NO CHANGES IN SILVER INVENTORY AT THE SLV //INVENTORY AT SLV RESTS AT 444.054 MILLION
MARCH 19 WITH SILVER DOWN $0.45 /SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 0.219 MILLION OZ INTO THE THE SLV. //INVENTORY AT SLV RESTS AT 444.054 MILLION
MARCH 18 WITH SILVER UP $0.21 /HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 4.823 MILLION OZ INTO THE THE SLV. //INVENTORY AT SLV RESTS AT 444.373 MILLION
MARCH 17 WITH SILVER UP $0.03 /HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 4.096 MILLION OZ INTO THE THE SLV. //INVENTORY AT SLV RESTS AT 439.550 MILLION
MARCH 14 WITH SILVER UP $0.04 /HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 0.910 MILLION OZ INTO THE THE SLV. //INVENTORY AT SLV RESTS AT 435.454 MILLION
MARCH 13 WITH SILVER UP $0.46 /HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 0.774 MILLION OZ OUT OF THE THE SLV. //INVENTORY AT SLV RESTS AT 434.544 MILLION
MARCH 12 WITH SILVER UP $0.57 /HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.032 MILLION OZ OUT OF THE THE SLV. //INVENTORY AT SLV RESTS AT 435.318 MILLION
MARCH 11 WITH SILVER UP $0.60 /HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 0.816 MILLION OZ INTO THE THE SLV. //INVENTORY AT SLV RESTS AT 436.410 MILLION
MARCH 10 WITH SILVER DOWN 25 CENTS/HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.276 MILLION OZ INTO THE THE SLV. //INVENTORY AT SLV RESTS AT 435.591 MILLION
MARCH 7 WITH SILVER DOWN 40 CENTS/HUGL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.184 MILLION OZ OUT OF THE SLV. //INVENTORY AT SLV RESTS AT 434.317 MILLION
MARCH 6 WITH SILVER UP 16 CENTS//SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 0.455 MILLION OZ OUT OF THE SLV. //INVENTORY AT SLV RESTS AT 436.046 MILLION
MARCH 5 WITH SILVER UP 82 CENTS//SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 0.172 MILLION OZ OUT OF THE SLV. //INVENTORY AT SLV RESTS AT 436.501 MILLION OZ
MARCH 4 WITH SILVER UP 9 CENTS//SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.82 MILLION OZ INTO THE SLV. //INVENTORY AT SLV RESTS AT 436.673 MILLION OZ
MARCH 3 WITH SILVER UP $0.78//SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 0.819 MILLION OZ INTO THE SLV. //INVENTORY AT SLV RESTS AT 438.493 MILLION OZ
FEB 28 WITH SILVER DOWN 0.56//SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 0.819 MILLION OZ INTO THE SLV. //INVENTORY AT SLV RESTS AT 438.493 MILLION OZ
FEB 26 WITH SILVER DOWN $0.90//HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 6,245 MILLION OZ INTO THE SLV. //INVENTORY AT SLV RESTS AT 441.4061MILLION OZ
FEB 25 WITH SILVER DOWN $0.90//HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 6,245 MILLION OZ INTO THE SLV. //INVENTORY AT SLV RESTS AT 441.4061MILLION OZ
FEB 24WITH SILVER DOWN $0.15//NO CHANGES IN SILVER INVENTORY AT THE SLV. //INVENTORY AT SLV RESTS AT 435.171MILLION OZ
FEB 21WITH SILVER DOWN $0.40//HUGE CHANGES IN SILVER INVENTORY AT THE SLV : HUGE CHANGES AT THE SLV A WITHDRAWAL OF 0.456MILLION OZ/. //INVENTORY AT SLV RESTS AT 435,171MILLION OZ
FEB 20WITH SILVER UP $0.29//HUGE CHANGES IN SILVER INVENTORY AT THE SLV : HUGE CHANGES AT THE SLV A WITHDRAWAL OF 1.547 MILLION OZ/. //INVENTORY AT SLV RESTS AT 435,171MILLION OZ
FEB 19WITH SILVER DOWN $0.16//HUGE CHANGES IN SILVER INVENTORY AT THE SLV : HUGE CHANGES AT THE SLV A WITHDRAWAL OF 2.276 MILLION OZ/. //INVENTORY AT SLV RESTS AT 436.717MILLION OZ
FEB 18WITH SILVER UP $.56//HUGE CHANGES IN SILVER INVENTORY AT THE SLV : NO CHANGES AT THE SLX/. //INVENTORY AT SLV RESTS AT 438.994MILLION OZ
FEB 14WITH SILVER UP $.01//HUGE CHANGES IN SILVER INVENTORY AT THE SLV : A DEPOSIT OF 1.593 MILLION OZ INTO THE SLV./. //INVENTORY AT SLV RESTS AT 437.401 MILLION OZ
CLOSING INVENTORY 447.422 MILLION OZ//
PHYSICAL GOLD/SILVER COMMENTARIES
1/ PETER SCHIFF/SCHIFF GOLD/MIKE MAHARRY
JAMES RICKARDS….
Rickards: Trump & The Fate Of The Dollar
Friday, Mar 28, 2025 – 02:40 PM
Authored by James Rickards via DailyReckoning.com,
What is the Mar-a-Lago Accord? And what would a Mar-a-Lago Accord mean for the value of the U.S. dollar?
We begin our analysis with the name itself. Mar-a-Lago Accord is an echo of the three major international currency accords since the original Bretton Woods Agreements reached in 1944.
Accords Through The Years
The first was the Smithsonian Agreement in December 1971. This came in the aftermath of President Nixon’s decision on August 15, 1971, to end the convertibility of U.S. dollars into physical gold by U.S. trading partners at the fixed rate of $35.00 per ounce. The major countries in the global system (U.S., UK, France, Germany, Italy, Japan, Netherlands, Sweden, Switzerland, Canada, Belgium, and Netherlands) met at the Smithsonian Institution in Washington DC to decide how to reopen the gold window.
The main U.S. goal was to devalue the dollar. In the end, the price of gold was increased by 8.5% to $38.00 per ounce (revalued to $42.22 per ounce in 1973), which equaled a 7.9% dollar devaluation. Other currencies were revalued against the dollar, including a 16.9% upward revaluation of the Japanese yen.
The effort to reopen the gold window failed. Instead, major countries moved to floating exchange rates, which remains the norm to this day. Gold moved to free market trading and is currently about $3,050 per ounce. That gold price represents a 98.8% devaluation of the dollar measured by weight of gold since 1971.
The period from 1971 to 1985 was tumultuous in foreign exchange markets including the Petrodollar agreement (1974), the Herstatt Bank collapse (1974), the sterling crisis (1976), U.S. hyperinflation (50% from 1977-1981), a gold price super-spike (1980), and a major global recession (1981-1982). By 1983, inflation was subdued, the dollar was gaining strength, and strong economic growth was achieved in the U.S. under Ronald Reagan.
The next major economic gathering on foreign exchange was the Plaza Accord in September 1985. This was convened by U.S. Treasury Secretary James Baker at the Plaza Hotel in New York and included the U.S., Germany, the UK, Japan and France. At the time, the dollar was at an all-time high relative to other currencies. The dollar had even strengthened against gold, which had dropped in price from $800.00 per ounce in January 1980 to around $320.00 per ounce in 1985.
The purpose of the meeting was to devalue the dollar in stages. In this respect, the meeting was a success. Importantly, the method of devaluation was to be gradual and it was to be accomplished by central bank and finance ministry interventions in the foreign exchange markets. It was not a fiat devaluation; it was a finesse.
In practice, the market interventions were quite few. Once foreign exchange traders got the message, they took the dollar where it needed to go on their own. No foreign exchange dealer wanted to be on the wrong side of the trade if the central banks decided to intervene on any particular day.
The Louvre Accord, signed on February 22, 1987, among the U.S., UK, Canada, France, Japan and Germany was, in effect, a victory lap following the Plaza Accord. Between 1985 and 1987, the dollar did devalue against other currencies. The dollar also fell against gold, which rose from $320 per ounce to $445 per ounce by the time of the meeting. It was mission accomplished for Treasury Secretary James Baker. The purpose of the Louvre Accord was to lock down the accomplishments of the Plaza Accord, stop further dollar depreciation, and return to a period of relative stability in foreign exchange markets.
This accord was also a success. The dollar was mostly stable after 1987, despite the introduction of the euro in 2000 (the euro bounced between $0.80 and $1.60 in the early 2000s. Today it’s $1.09, which is not far from its original valuation of $1.16).
The other wild card was gold. After hitting bottom at around $250 per ounce in 1999, gold surged to $1,900 per ounce in 2011, a 670% gain for gold and a de facto devaluation of the dollar when measured by weight of gold. The period of relative stability in foreign exchange markets lasted until 2010 when a new currency war was unleashed by President Obama.
A New Mar-A-Lago Accord
Which brings us to discussion of a possible new international monetary conference in the chain of conferences from the Smithsonian Agreement to the Plaza Accord to the Louvre Accord. Given Donald Trump’s dominance on the world economic scene today and his love of ornate architecture of the kind seen at the Plaza Hotel and the Louvre (Trump owned the Plaza Hotel from 1988 to 1995),it’s not a stretch to expect that Trump would convene any new world monetary conference at his equally ornate Mar-a-Lago club in Palm Beach, Florida.
The first discussion of a Mar-a-Lago Accord appears in Chapter Six of my book Aftermath (2019), published six years ahead of current attention to the topic. That chapter is titled “The Mar-a-Lago Accord” and contains extensive discussion of the evolution of the international monetary system starting in 1870, including the more recent accords noted above.
It then moves through my private meetings with IMF head John Lipsky and Treasury Secretary Tim Geithner with a focus on a possible new gold standard and the attempted replacement of gold by the Special Drawing Right (SDR), created in 1969 and used among IMF members ever since. It ends with the classic 1912 quote from Pierpont Morgan that, “Money is gold, and nothing else.” and recommends that investors acquire physical gold for their portfolios. The dollar price of gold has risen 120% since that recommendation.
Today’s vogue in Mar-a-Lago Accord research began with a November 2024 paper written by Stephan Miran titled “A User’s Guide to Restructuring the Global Trading System”, published by Hudson Bay Capital. Although the title refers to the trading system, it explains how currency devaluation can be used to offset the impact of tariffs and refers to “persistent dollar overvaluation.”
From there, it’s a short leap to the ghost of the Plaza Accord and the need for a new Mar-a-Lago Accord. (Shortly after the paper was published, Trump appointed Miran as Chair of his Council of Economic Advisors, which gives his views added weight).
Issuance of 100-Year Bonds
In the currency section of the paper (pages 27-34), Miran not only suggests a devaluation of the dollar; he proposes that the U.S. issue 100-year bonds. In Miran’s view, 100-year bonds will be attractive to foreign reserve managers and will reduce any dollar selling needed to prop up their own currencies. Those long-term dollar holdings will mitigate short-term dollar devaluation in a way that moves the entire international monetary system toward a desirable equilibrium. Miran specifically uses the term Mar-a-Lago Accord to describe his proposed system.
There are many more technical details in Miran’s plan that we don’t have room to discuss in this article. These include use of the Treasury’s Exchange Stabilization Fund, the Fed’s Bank Term Funding Program, and Fed currency swap lines. Miran also suggests using the International Emergency Economic Powers Act of 1977 (IEEPA) to impose withholding taxes on interest payments to foreign holders of Treasury securities (a form of capital controls) as a way to discourage trading partners from holding Treasuries and therefore a way to devalue the dollar.
Trading partners would be evaluated using a traffic-light system. Countries would be ranked green (friendly), yellow (neutral) and red (adversary). Green countries would get U.S. military protection and the most favorable tariffs, yellow would get reciprocal tariffs, and red countries would get no security help, punitive tariffs and possible capital controls.
A Financial Catastrophe in the Making
In effect, Miran is trying to have it both ways. He wants to devalue the dollar and at the same time keep the dollar at the center of the International Monetary System. Nixon did this in 1971 and Baker did it in 1985. With regard to Miran, one cannot resist a paraphrase of Lloyd Bensen – “Stephan, you’re no Jim Baker.” The success of the Plaza Accord depended entirely on close cooperation of the major country finance ministries. No such cooperation exists today given sanctions on Russia, tariffs on China and the U.S. isolation of the EU with respect to the War in Ukraine.
Since Miran’s paper, the topic has spun completely out of control. A recent MarketWatch headline says “Wall Street can’t stop talking about the ‘Mar-a-Lago Accord.’”Some analysts propose that gold on the Federal Reserve’s balance sheet (actually a gold certificate) would be revalued from $42.22 per ounce to the market price (now $3,050 per ounce) with the “profit” added to the Treasury General Account. Another idea is to use U.S. assets such as land and mineral rights to collateralize U.S. debt.
As of now, no one knows what a Mar-a-Lago Accord would actually be or whether it will even happen, so it’s impossible to describe the impact. Still, the best-known version of the plan would have unintended consequences that could lead to a global financial catastrophe.
There’s no need to force holders to swap short-term debt for long-term debt. You simply let the short-term debt mature and replace it with new 100-year bond issues through the existing primary dealer underwriting system. No coercion is needed; there would be huge demand for 100-year debt.
Dollar devaluation does not fight potential inflation from tariffs (there isn’t any). It actually causes inflation by increasing the cost of imported goods. Any gold price mark-up on the Fed’s books is simply an accounting entry. The suggested “audit” of Fort Knox by Trump and Elon Musk (if it happens) will be nothing more than a staged photo-op. Gold has a world price entirely unaffected by accounting games between the Treasury and the Fed.
Again, the Mar-a-Lago Accord as it’s envisioned today would cause a global financial crisis. That’s because it fails to understand the importance of short-term Treasury debt as collateral for inter-bank lending and derivatives. Substituting 100-year Treasury debt for short-term Treasury bills would make those bills scarce. Treasury bills are the most liquid collateral in the world and are at the root of the Eurodollar system and the $1 quadrillion derivatives market. Scarcity of Treasury bills would implode bank balance sheets and lead to the greatest banking crisis in history.
The big winner in this context is gold. The BRICS are moving toward gold as fast as they can. Investors can do the same. Don’t be left behind.
2. Egon Von Greyerz et al
ALASDAIR MACLEOD….
Gold and silver outperform
In generally lacklustre financial markets, the standout winners have been gold and silver. This report looks at the consequences for portfolio reallocations in Q2 2025 and beyond.
| Alasdair MacleodMar 28∙Paid |
Gold and silver rose strongly this week on Far East demand. In European early morning trade, gold was $3072, up $50 from last Friday’s close after hitting the $3085 level during Asian trading hours — a new record. Silver stirred at $34.38, up $1.36 on the same time scale. Comex volumes in gold were healthy, while they still remain subdued in silver except for yesterday when silver rose by 2%.
Later today, a dip in gold and silver cannot be ruled out because with Asian trading closed for the weekend, any pause in futures’ demand for gold and silver is likely to be pounced on by the swaps selling to drive prices lower. This is entirely predictable. But it’s the prospect for prices in the following weeks, being the start of a new investment performance quarter and beyond that should concern us.
Gold’s remarkable performance, up 17.3% in the first quarter of 2025 along with silver (+19%) is the best performing asset class compared with other investment media. Yet gold and gold substitutes such as ETFs and mines are unbelievably under-owned in investment portfolios. In a March 17 article for my paid Substack subscribers, I revealed that in the entire portfolio universe of MSCI’s $217.1 trillion value of US and other developed-nation portfolios, the entire gold mining universe (bullion, ETFs and gold mines) represents only 0.21% of that total.
The following table shows relative performances of principal asset classes to date:
Already, this dichotomy is leading to ETF demand, as the following chart from the World Gold Council revealed:
The dark blue is North America, which in February added 72.2 tonnes equivalent, while Europe (light blue) having added 39 tonnes in January only added 2 tonnes in February. Asia added 24.4 tonnes in February. This tells us that it was only last month that investment managers in the US began the process of reweighting their portfolios in favour of gold.
Asian demand this week appears to reflect major Chinese insurance companies buying gold, having been authorised to do so by the Chinese regulators in a “pilot programme” limited to about $27 billion (280 tonnes). This is a significant amount in global bullion markets already drained of liquidity by the Comex futures market. Given it is only a pilot, future authorisations leading to further relaxing of restrictions will mean larger tonnages being purchased.
Gold is still being delivered into Comex, draining foreign trading centres of their liquidity as MacroMicro’s chart shows:
The same is true for silver:
The economic background is very favourable for gold and silver as well. Trump continues with his aggressive tariffs, due to bring in a new round on 2 April. This will kill both global and US economies, raising prices in America in particular. Interest rates and bond yields will have to accommodate this fact, along with economic damage leading to soaring budget deficits and springing debt traps on the US, UK, Japan, and various EU governments. The deterioration of their finances is bound to weaken their currencies valued in real money, which is gold and to a lesser extent silver.
Clearly, investors are badly wrongfooted for these developments and will have to rethink portfolio allocations. The bull market in gold for them is only just starting.
3. C Powell and Gata dispatches
4. ANDREW MAGUIRE PODCAST
a must view…live from the vault 216
youtube.com/watch?v=7pNluNn187Q&list=PLE1y8hGSqr8ar1gKUdfqFDK5ygLIlrdmz&index=1
5B GLOBAL COMMODITY ISSUES/FOOD IN GENERAL//FREIGHT/COMMODITIES:COMMODITY//COPPER
6 CRYPTOCURRENCY NEWS
ASIA TRADING FRIDAY MORNING THURSDAY NIGHT
SHANGHAI CLOSED DOWN 22.44 PTS OR 0.67%
//Hang Seng CLOSED DOWN 152.20 PTS OR 0.65%
// Nikkei CLOSED DOWN 679.64 OR 1.80 %//Australia’s all ordinaries CLOSED UP 0.12%
//Chinese yuan (ONSHORE) CLOSED DOWN TO 7.2646 CHINESE YUAN OFFSHORE CLOSED DOWN TO 7.2758/ Oil UP TO 69.92 dollars per barrel for WTI and BRENT UP TO 73.99 Stocks in Europe OPENED ALL MOSTLY RED.
ONSHORE USA/ YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING
WEAKER AGAINST US DOLLAR/OFFSHORE YUAN WEAKER
END
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
1.YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS /FRIDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED DOWN AT 7.2646
OFFSHORE YUAN: DOWN TO 7.2758
SHANGHAI CLOSED CLOSED DOWN 22.44 PTS OR 0.67%
HANG SENG CLOSED CLOSED DOWN 679.64 PTS OR 1.80%
2. Nikkei closed DOWN 679.64 PTS OR 1.80%
3. Europe stocks SO FAR: ALL MOSTLY RED
USA dollar INDEX UP TO 104.13// EURO RISES TO 1.07720 DOWN 29 BASIS PT HEADING TO PARITY WITH USA
3b Japan 10 YR bond yield: FALLS TO. +1.527//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 150.83…… JAPANESE YEN NOW FALLING AS WE HAVE NOW REACHED THE RE EMERGING OF THE YEN CARRY TRADE AGAIN AFTER DISASTROUS POLICY ISSUED BY UEDA
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold UP /JAPANESE Yen UP CHINESE ONSHORE YUAN: DOWN OFFSHORE: DOWN
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil UP for WTI and UP FOR BRENT this morning
3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund YIELD DOWN TO +2.7280/Italian 10 Yr bond yield DOWN to 3.840 SPAIN 10 YR BOND YIELD DOWN TO 3.350
3i Greek 10 year bond yield DOWN TO 3.548
3j Gold at $3074.50 Silver at: 34.38 1 am est) SILVER NEXT RESISTANCE LEVEL AT $50.00//AFTER 28.40
3k USA vs Russian rouble;// Russian rouble UP 0 AND 55 /100 roubles/dollar; ROUBLE AT 83.95
3m oil into the 69 dollar handle for WTI and 73 handle for Brent/
3n Higher foreign deposits moving out of China// huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/
JAPAN ON JAN 29.2016 CONTINUES NIRP. THIS MORNING RAISES AMOUNT OF BONDS THAT THEY WILL PURCHASE UP TO .5% ON THE 10 YR BOND///YEN TRADES TO 150.83 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.527 % STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE IS NOW UNWINDING.
30 SNB (Swiss National Bank) still intervening again in the markets driving down the FRANC. It is not working: USA/SF this 0.8829 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9511 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.
USA 10 YR BOND YIELD: 4.330 DOWN 4 BASIS PTS…
USA 30 YR BOND YIELD: 4.682 DOWN 4 BASIS PTS/
USA 2 YR BOND YIELD: 3.988 UP 1 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 38.01…
10 YR UK BOND YIELD: 4.7750 DOWN 11 PTS
10 YR CANADA BOND YIELD: 3.081 DOWN 3 BASIS PTS
5 YR CANADA BOND YIELD: 2.713 DOWN 3 PTS.
2a New York OPENING REPORT
Futures Slide, Gold Soars Ahead Of Inflation Data Amid Tariff Turmoil
Friday, Mar 28, 2025 – 08:26 AM
US equity and global stock markets slumped while gold topped a fresh all time high as investors braced for today’s core PCE report, the Fed’s preferred inflation metric, and continued to worry about the lasting economic damage of the trade war amid daily tariff news and a halt in progress on the geopolitical front, as the market now awaits the April 2 tariff announcements. As of 8:00am ET S&P futures are down 0.2% but off session highs, with the Nasdaq lagging -0.4% and small caps modestly higher; Mag 7 names are mostly lower premarket: AAPL -0.7%, AMZN -0.5%, while TSLA +1.6%. European and Asian stocks are also lower: Bond yields are lower and the USD trades near session highs. Commodities are mixed with base metals all lower this morning, but gold is making a new record high rising above $3,080 per ounce. Brent trades near session highs above $74/bbl. Looking ahead today, we will get PCE data for February at 8:30am (consensus expects headline and core PCE up 0.3% MoM, and 2.7%/2.5% YoY headline/core) followed by UMich survey data at 10am. Following the data, we will hear from Fed voter Barr and non-voter Bostic.
In premarket trading, Lululemon plunged 13% after the activewear maker’s annual forecasts for sales and profit disappointed, stoking worries that growth will continue to be weak in its American markets. Tesla is the top gainer among the Magnificent Seven (Alphabet -0.1%, Amazon -0.5%, Apple -0.7%, Microsoft -0.3%, Meta -0.1%, Nvidia +0.5% and Tesla +1.2%). US Steel (X) gains 5% after Semafor reported that the company is in active talks with Nippon Steel about a deal that would preserve their proposed merger citing unidentified people familiar with the matter. Here are some other notable premarket movers:
- Argan Inc. (AGX) climbs 12% after the builder of power plants posted 4Q revenue that climbed 41% from the year-ago period.
- Beam Therapeutics (BEAM) rises 4% after a Bank of America analyst upgraded the drug developer to buy, citing trial data of its investigative therapy for a genetic disease that can cause lung and liver damage.
- CureVac (CVAC) jumps 12% after the biotech firm said the European Patent Office had upheld the mRNA patent at the center of its legal battle with BioNTech.
- Hudson Pacific Properties (HPP) gains 7% after BMO raised the office REIT to outperform, saying its recent $475 million CMBS transaction helps provide “breathing room” on 2025 debt maturities.
- Nio Inc. ADRs (NIO) falls about 2% as the Chinese electric vehicle maker’s upsized share sale plan raised investor concern about dilution.
- Oxford Industries (OXM) declines 12% after the owner of Tommy Bahama and Lilly Pulitzer gave a disappointing forecast for the current fiscal quarter.
- Rocket Lab (RKLB) rises 9% after the space company was selected by the US Space Force for a $5.6 billion program.
- The Metals Company (TMC) gains 15% after the seabed mining company asked the Trump administration for approval to harvest the ocean floor for critical metals in international waters controlled by a United Nations-affiliated organization.
- WR Berkley (WRB) climbs 5% after Mitsui Sumitomo Insurance agreed to buy 15% of outstanding shares in the US insurer.
Overnight, Defense Sec Hegseth said to allies in his first official trip to Asia that the Trump Administration is set to “truly prioritize and shift to this region…in a way that is unprecedented.” China’s Xi continued to try woo international investors noting in a meeting with 40+ global business leaders that “we are providing a transparent, steady and predictable policy environment,” calling the nation a “favorite destination” for foreign investors. “Embracing China is embracing opportunities.” (BBG). After the close yesterday, Fed voter Collins said it looks “inevitable” that tariffs will boost inflation, at least in the near term, adding it’s likely appropriate to keep interest rates steady for longer (BBG). A 7.7 magnitude earthquake has struck in Myanmar, the most powerful in a century, causing buildings to shake and triggering evacuations in Vietnam and Thailand, with at least one tower collapsing in Bangkok.
It’s been a rough quarter for US equities, with the S&P 500 getting ready to close out the first three months of the year with a 3.2% loss, the worst performance since 2023. Today’s reading for the US core personal consumption expenditures price index is expected to rise 0.3% in February, an unchanged pace compared with the previous month, according to the median economist forecast. With President Trump threatening to unleash so-called reciprocal tariffs next week, money managers say they’re turning neutral, stepping back or de-risking their portfolios.
“Tariffs are creating a lot of fears in the market, not just the level of the tariffs but the way they are implemented as well,” Valerie Genin, head of investments at Barclays Private Bank Monaco told Bloomberg TV. “It seems like investors are just digesting now that tariffs have lose-lose implications for all parties.”
Meanwhile in Europe, stocks are set for their third week of losses this month, as investors brace for US tariff announcements next week pushing the Stoxx 600 index 0.4% lower on Friday. Most sub-indexes on the Stoxx 600 regional benchmark notch declines. Banks lead the underperformance, while the real estate sector is a rare outperformer. Still, banks are the standout winner this quarter with a 26% advance as investors are counting on more strong earnings, share buybacks and M&A to drive gains. Here are the biggest movers Friday:
- Ubisoft shares jump as much as 12% after the video game maker said it will carve out a unit into a subsidiary with an enterprise value of about €4 billion, with Tencent to invest €1.16 to acquire a 25% stake in the new entity
- UK retailers are outperforming on Friday, after sales unexpectedly grew for a second month in February to suggest consumer confidence is returning; among the biggest gainers are B&M (+1.8%), Kingfisher (+2.2%), and ASOS (+1.1%)
- Grupo Catalana Occidente shares soared as much as 18% and to a record high after controlling shareholder Inoc launched takeover offer for all shares of the Spanish insurer
- SSE shares rise as much as 1.9% after the energy and utility company announced it is promoting current Chief Commercial Officer Martin Pibworth to become its next chief executive
- WH Smith shares slide as much as 3.1% after the company agreed to sell its struggling high street business at a price that JPMorgan said is at the lower end of expectations. The firm also said it is trading in line with market expectations
- Energiekontor, a German wind and solar parks project developer, sees its shares decline over 10%, the most since August after it reported disappointing results; shareholders will be subject to a significant reduction in dividends
- Rational shares drop as much as 1.9%, extending their drop following the muted growth outlook posted on Thursday. Analysts at Warburg cut their price target on the German company due to the softer outlook for this year
Earlier in the session, Asian equities suffered their biggest drop in a month, as concerns increased over a possible growth slowdown in the US stemming from new tariffs. Trading was halted in Thailand following an earthquake. The MSCI Asia Pacific Index fell as much as 1.4%, with most markets in the red. Toyota, Samsung Electronics and Mitsubishi UFJ were among the biggest drags. South Korean and Japanese stocks led the selloff, as ex-dividend trading exacerbated the impact of the hit to sentiment from US taxes on imports. President Donald Trump’s imposition of a blanket 25% levy on auto imports, and threats for similar action in other areas, have ramped up investor anxiety over the scope of the reciprocal tariffs that he intends to announce next week. The Hang Seng Tech Index, which has rallied this year on the back of Chinese technology advancements, fell to the brink of a correction amid broad risk-off sentiment.
In FX, the Bloomberg Dollar Spot Index is flat. JPY and GBP are the strongest performers in G-10 FX; SEK and NZD underperform. The greenback supported by month-end demand while it also modestly enjoys haven dynamics amid escalating trade tensions, a Europe-based trader says. The euro sank to session lows around 1.077 after traders ramped up bets on ECB interest-rate cuts as Spanish and French CPI undershot expectations. Money markets now price in about 60bps of easing by December.
In rates, treasuries hold gains in early US session led by long-end tenors with yields lower by about 4bp, arresting this week’s dramatic curve steepening. US yields are richer by at least 1bp across maturities with 2s10s curve flatter by ~2.5bp, 5s30s by ~2bp; 10-year near 4.33% is ~3bp lower on the day, with bunds and gilts in the sector outperforming by 1bp and 3bp. Core European bond markets lead after Spanish and French CPIs rose less than estimated, prompting traders to price in more easing by ECB. Focal point of US session is February personal income and spending data, which embeds PCE price index, inflation gauge targeted by the Fed.
In commodities, the non stop record highs in gold are the big story again: spot gold rose roughly $15 to trade near $3,072/oz after it hit a fresh record. Crude futures are steady. WTI drifts 0.1% lower to trade near $69.88. Brent is flat at $74.02.
Today’s US economic calendar includes February personal income/spending (8:30am), March final University of Michigan sentiment (10am) and March Kansas City Fed services activity (11am). Fed speaker slate includes Barr (12:15pm) and Bostic (3:45pm)
Market Snapshot
- S&P 500 futures down 0.4% to 5,714.00
- STOXX Europe 600 down 0.3% to 544.66
- MXAP down 1.0% to 186.56
- MXAPJ down 0.7% to 584.82
- Nikkei down 1.8% to 37,120.33
- Topix down 2.1% to 2,757.25
- Hang Seng Index down 0.6% to 23,426.60
- Shanghai Composite down 0.7% to 3,351.31
- Sensex down 0.5% to 77,227.72
- Australia S&P/ASX 200 up 0.2% to 7,982.01
- Kospi down 1.9% to 2,557.98
- German 10Y yield little changed at 2.72%
- Euro down 0.2% to $1.0777
- Brent Futures down 0.3% to $73.80/bbl
- Gold spot up 0.4% to $3,069.18
- US Dollar Index little changed at 104.37
Top Overnight News
- Elon Musk commented that their goal is to reduce the deficit by USD 1tln and will achieve most of that objective within a 130-day tenure, while he added that legitimate recipients of Social Security benefits will receive more, not less money, according to Fox News.
- Global bonds rallied as European consumer price data came in softer than expected and investors awaited data on the Federal Reserve’s favored inflation gauge.
- Inflation in France and Spain undershot expectations, supporting calls for more interest-rate cuts by the European Central Bank.
- The Zuffenhausen district of Stuttgart has been the heart of Porsche AG since the 1930s, and the sports car maker remains overwhelmingly Made in Germany, making it potentially the biggest loser in Donald Trump’s trade war.
- UK retail sales increased for a second month in February, suggesting consumer confidence is returning in a surprise boost for Chancellor of the Exchequer Rachel Reeves.
- The rally in European banking stocks shows few signs of cooling down after another stellar quarter.
- Fed’s Collins (2025 voter) said she is cautiously and realistically optimistic about the economy and stated the economy started 2025 in a good place. Collins said inflation had come down but was still elevated at the start of the year, and the outlook now is much cloudier for inflation and growth. She noted it is inevitable that tariffs will increase inflation in the near term and it remains a question how long tariff-driven inflation will last. Furthermore, she said inflation risks are on the upside and she strongly supported the Fed’s decision to hold rates steady, while she expects the Fed will likely hold rates steady for longer given the outlook and stated that watching inflation expectations and sentiment data is important right now.
- Fed’s Barkin (2027 voter) said the current moderately restrictive stance is a good place to be and if conditions shift, the Fed can adjust. Barkin said given recent high inflation, tariffs could have more of an impact on prices, but still not known where rates will settle or how affected countries’ businesses and consumers will respond. Barkin also commented that the direction of federal policy changes may be known, but the extent and how they net out in the economy remains uncertain, while he added federal policy changes create instability in the near term and the Fed is waiting for uncertainty to clear before acting.
A more detailed look at global markets courtesy of Newsquawk
APAC stocks were mostly pressured amid the ongoing themes of tariffs and growth concerns heading closer to next week’s ‘Liberation Day’ and with markets also bracing for the latest US PCE Price Index. ASX 200 traded rangebound and was just about kept afloat by strength in consumer staples and the commodity-related sectors with gold miners rejoicing after the precious notched another fresh record high. Nikkei 225 underperformed and dipped beneath the 37,000 level as automakers continued to suffer from Trump’s recent auto tariff proclamation and with firmer-than-expected Tokyo CPI data supporting the case for the BoJ to continue with future policy adjustments. Hang Seng and Shanghai Comp failed to sustain the early resilience and slipped into negative territory amid a deluge of earnings and tariff uncertainty, while it was also reported that China rejected US President Trump’s offer of tariff waivers in exchange for a TikTok deal.
Top Asian News
- Chinese President Xi said, at a meeting with foreign CEOs, that foreign firms’ investment plays an important role and China was, is and will certainly be an ideal, safe and promising investment destination for foreign business people. Xi added they will ensure that foreign-funded enterprises have fair access to factors of production in accordance with the law and maintaining a stable, healthy, and sustainable development of China-US relations is in the fundamental interests of the two peoples. Xi also stated that blocking someone else’s path will only block your own path in the end and blowing out other people’s lights will not make your own lights brighter. Furthermore, he said economic and trade frictions should be properly resolved through equal dialogue and consultation, and noted that China will handle China-US relations in accordance with the principles of mutual respect, peaceful coexistence and win-win cooperation.
- China is to promote high-quality development of the aluminium sector and will actively respond to trade frictions, according to a plan by ten government departments cited by Global Times.
- Japanese PM Ishiba said the impact of US auto tariffs on the Japanese economy could be very big.
- Bank of Japan March Meeting Summary of Opinions noted one member said inflation is somewhat overshooting expectations and a member said wage hikes in spring wage talks are somewhat exceeding last year’s figures, with nominal wages rising at a pace in line with the achievement of the BoJ’s price goal. There was the opinion that they don’t have enough data to gauge the impact of the January policy change and recent long-term rate moves on the economy, while it was reiterated that the BoJ will continue to hike rates if economy and prices move in line with forecast, but should not have a preset idea on specific policy management. A member stated that for the time being, the BoJ must scrutinise US policy impact on the global economy and markets, as well as the effect of BoJ’s past rate hike on Japan’s economy, then move to the next rate hike, while a member said they must adjust the degree of monetary support nimbly to avoid a buildup of financial excess. Furthermore, there was an opinion that when they next hike rates, they must consider shifting the monetary policy stance to neutral from accommodative, and at the next meeting, they must scrutinise inflation expectations, the chance of upside price risk materialising, and progress in wage hikes when setting monetary policy.
European bourses started Friday trade on a cautious note, Euro Stoxx 50 -0.6%, after APAC stocks were pressured on tariff and growth concerns overnight, and ahead of next week’s “Liberation Day”, and with markets also bracing for US PCE inflation data later today. Note, the risk tone took a hit generally on the morning’s earthquakes in Myanmar. Sectors are mainly in the red, Banks lag with German names lagging while softer yields assist Real Estate names.
Top European News
- Magnitude 6.9 (initially reported 7.72/7.4) earthquake occurs in Myanmar, via GFZ; reports of buildings shaking in Bangkok & Hanoi. Thereafter, magnitude 6.37 earthquake occurs in Myanmar, via GFZ; shocks reported in the Yunnan Province of southwest China and in Bangkok.
- ECB’s de Guindos says disinflation process is continuing, goal is for it to be reached in the coming months; caution is even more important at times of uncertainty. Trade war would mostly impact economic growth.
- ECB Consumer Expectations Survey (Feb): See inflation in next 12 months at 2.6% (prev. 2.6%); 3y ahead sees 2.4% (prev. 2.4%). Consumers’ nominal income growth expectations over the next 12 months increased to 1.0% in February from 0.9% in January.
FX
- DXY is attempting to claw back some of yesterday’s lost ground with the USD currently firmer vs. all peers ex-JPY into PCE. Index remains within yesterday’s 104.07-65 range.
- JPY is the current best performer after firmer-than-expected Tokyo CPI data, which is seen as a leading indicator for national price trends and effectively supports the case for further BoJ policy normalisation. USD/JPY has pulled back from the overnight peak @ 151.21 and made its way back onto a 150 handle. The next downside target comes via Thursday’s low @ 150.05.
- EUR is under modest pressure and has faded gradually from the 1.08 mark against the USD. No reaction to the morning’s data points or ECB speak. Thursday’s base at 1.0732 and then the 200-DMA at 1.0729.
- GBP flat despite a blip higher on the morning’s better-than-expected Retail Sales and upward revisions to dated GDP metrics. While this lifted Cable to a 1.2968 peak it proved fleeting.
- Antipodeans softer given the risk tone though action is limited given the lack of specific drivers for the region.
- PBoC set USD/CNY mid-point at 7.1752 vs exp. 7.2591 (Prev. 7.1763).
Fixed Income
- A firmer start to the session for the benchmarks given the tepid risk tone overnight and risk aversion entering the market on the sizable earthquakes in Myanmar.
- USTs hit a 110-24 peak but since pulled back modestly but remains comfortably clear of the overnight 110-15 base. The session ahead is focussed on US PCE.
- Bunds bid, USTs hit a 110-24 peak but since pulled back modestly but remains comfortably clear of the overnight 110-15 base. The session ahead is focussed on US PCE. Prelim. French and Spanish inflation this morning cooler than forecast, but spurred no move; ECB SCE maintained the inflation view.
- Gilts gapped higher by 25 ticks as the Gilt open roughly coincided with the high point in USTs and Bunds as the complex generally continued to climb on the broad risk tone. Since, the benchmark has eased slightly from highs but remains above the 91.00 mark. No hawkish follow through from the Retail and GDP data this morning.
Commodities
- Crude futures choppy with initial downside on broader risk aversion. Since, the benchmarks briefly moved into the green but only by around USD 0.10/bbl with the move fleeting and the benchmarks now essentially unchanged. WTI May at the top of a USD 69.53-70.05/bbl band, Brent May in-fitting in USD 73.63-74.15/bbl parameters.
- Precious metals mostly firmer despite the firmer USD, benefitting from the risk tone as discussed into key events. Spot gold is currently off highs in a USD 3,054.42-3,086.21/oz intraday range.
- Base metals are mostly lower, tracking sentiment, 3M LME copper resides in a USD 9,741.70-9,855.15/t range at the time of writing. Dalian iron ore prices also dipped overnight but still notched a weekly gain as hot metal output continued to increase in March – used as a gauge for iron ore demand.
Geopolitics: Middle East
- Israeli military said it intercepted one launch from Lebanese territory and another one was detected.
- Israeli Defense Minister said if there is no peace in Kiryat Shmona and the Galilee communities, there will be no peace in Beirut, according to Asharq News. It was separately reported that Israel’s Defence Minister holds Lebanon responsible for firing on Galilee and said Israel will respond forcefully against any threats.
- Iran’s ambassador in Baghdad said US President Trump’s message to Tehran included a request to dissolve or merge the Popular Mobilization Forces, which is unacceptable to us, while the ambassador added they refuse to negotiate on their ballistic missiles and the decision to dissolve the PMU is an Iraqi decision which he thinks is impossible, according to Sky News Arabia.
- “Lebanese media: Israeli warplanes fly over Beirut”, according to Sky News Arabia; thereafter, the Israeli Military says it will release an urgent statement to Beirut residents soon.
Geopolitics: Ukraine
- Russia and US teams may meet regarding Ukraine in Riyadh in mid-April, according to TASS.
- Russian President Putin suggested the possibility of placing Ukraine under temporary administration to allow for elections and signature of accords, according to Russian news agencies. Putin said Russia stands for resolving Ukraine conflict through peaceful means and wants to work with Europe on resolving Ukraine conflict, but the EU is acting inconsistently. It was separately reported that Putin said Russia welcomes a peaceful resolution to the Ukraine conflict “but not at our expense”, according to CGTN Europe.
- White House said governance in Ukraine is determined by its constitution and the people of Ukraine.
- Russian Defence Ministry says Ukraine continued attacks on Russian energy infrastructure, according to Ria; attacked the Sudzha gas metering station on Friday and almost destroyed it; thereafter, Ukraine said Russia conducted the attack.
- Ukrainian Deputy PM confirms Ukraine has received new US draft of the minerals deal.
Geopolitics: Other
- CK Hutchison Holdings (0001 HK) will not go ahead with the expected signing of a deal next week to sell its two strategic ports at the Panama Canal, according to SCMP.
- US Secretary of State Rubio warned if Venezuela attacked Guyana or Exxon (XOM), “it would be a very bad day” for them. It was also reported that the Guyanese President agreed with the US to further integrate energy production after a meeting with US Secretary of State Rubio.
- US Defense Secretary Hegseth said during a visit to the Philippines that he and US President Trump want to express the ironclad commitment they have to the mutual defence treaty and are very committed to the Philippines-US alliance, friendship and cooperation they have. Hegseth added that friends need to stand shoulder to shoulder to deter conflict and ensure that there’s freedom of navigation in the South China Sea, and noted that deterrence is necessary around the world, but specifically in this region considering the threats from the Communist Chinese. Hegseth later announced they are doubling down on the US-Philippines partnership and agreed on the next steps to re-establish deterrence in the Indo-Pacific with the US to deploy advanced capabilities to the Philippines.
US Event calendar
- 08:30: Feb. PCE Price Index MoM, est. 0.3%, prior 0.3%
- Feb. PCE Price Index YoY, est. 2.5%, prior 2.5%
- Feb. Core PCE Price Index MoM, est. 0.3%, prior 0.3%
- Feb. Core PCE Price Index YoY, est. 2.7%, prior 2.6%
- 08:30: Feb. Personal Income, est. 0.4%, prior 0.9%
- Feb. Personal Spending, est. 0.5%, prior -0.2%
- Feb. Real Personal Spending, est. 0.3%, prior -0.5%
- 09:00: Bloomberg March United States Economic Survey
- 10:00: March U. of Mich. Sentiment, est. 57.9, prior 57.9
- March U. of Mich. Current Conditions, est. 63.5, prior 63.5
- March U. of Mich. Expectations, est. 54.1, prior 54.2
- March U. of Mich. 1 Yr Inflation, est. 4.9%, prior 4.9%
- March U. of Mich. 5-10 Yr Inflation, est. 3.9%, prior 3.9%
- 11:00: March Kansas City Fed Services Activ, prior 2
DB’s Jim Reid concludes the overnight wrap
Markets struggled yesterday as tariff fears remained at the forefront of investors’ minds, with concern mounting ahead of the April 2 deadline for reciprocal tariffs. Notably, several automakers took a hit given the 25% tariff announcement on Wednesday night. But more broadly, there were signs that investors were becoming increasingly concerned about the stagflationary consequences. Indeed, yesterday saw the US 1yr inflation swap (+9.1bps) hit a 2-year high of 3.11%, even as the real yield on 2yr Treasuries (-11.1bps) fell to its lowest since August 2022 at 0.73%. This combination of elevated growth uncertainty and inflation fears saw gold prices hit a new closing record of $3,057/oz yesterday, and overnight they’ve seen further gains up to $3,074/oz.
In terms of the last 24 hours, one of the main fears is that the reciprocal tariffs could lead to a big round of escalation beyond the initial US tariffs. For example, shortly before we went to press yesterday, President Trump said in a post that if the EU worked with Canada “in order to do economic harm to the USA, large scale Tariffs, far larger than currently planned, will be placed on them both”. Separately, Japan’s Prime Minister Ishiba said yesterday that “We must consider appropriate responses, and naturally all options are on the table”. And Canadian Prime Minister Carney said that he’d convened the Cabinet Committee on Canada-US relations “in response to President Trump’s attack on our workers and our industries.” Carney said that “nothing is off the table” but that the Canadian government would respond based on what the US does on April 2.
Against that backdrop, automakers struggled yesterday, with Ford (-3.88%) and General Motors (-7.36%) both losing significant ground. That was echoed across the world, and in Europe, the tariff announcement meant the STOXX Automobiles and Parts Index fell -1.09% to a fresh two-month low. That tariff uncertainty also dragged down equities more broadly, with both the S&P 500 (-0.33%) and the STOXX 600 (-0.44%) losing ground for a second day running. And with just two business days of Q1 left, the S&P 500 is on track to post its first quarterly decline in six quarters, having shed -3.20% since the start of the year.
The tariffs also meant that US Treasuries faced several hurdles, particularly with investors moving to price in more inflation. In fact by the close, the 10yr yield (+1.1bps) was up to a one-month high of 4.36%, as was the 30yr yield (+2.1bps) at 4.72%. By contrast, fears about the growth impact led investors to price in more Fed rate cuts this year, and the 2yr yield fell -2.6bps to 3.99%, even as inflation breakevens rose. In turn, that meant the 2s30s yield curve moved up to its steepest level in over 3 years. And this pattern was evident elsewhere, with the German 2s30s yield curve also up to its steepest since July 2022, at 106bps.
Despite the weakness among key assets, yesterday actually brought a respectable set of US economic data, which continued to point away from a sharp slowdown. For instance, the weekly initial jobless claims were at 224k over the week ending March 22 (vs. 225k expected), meaning there were still no obvious signs of a deterioration in the labour market. At the same time, we also got the third estimate of Q4 GDP, which was revised up a tenth, and now shows an annualised growth rate of +2.4%. So it continued the recent theme whereby the hard data is still holding up, even if some of the surveys have pointed to a weaker performance.
Here in the UK, gilts sold off in the aftermath of the government’s Spring Statement, with the 10yr yield (+5.1pbs) moving up more than its global counterparts yesterday. The rise took it up to 4.78%, its highest level since mid-January, whilst the 10yr real yield (+2.7bps) hit a post-2009 high of 1.35%. So that added to concerns that the government would need to announce further fiscal tightening later this year to keep within their fiscal rules, potentially repeating the pattern from the Spring Statement where higher yields and lower growth wiped out the fiscal headroom. As a reminder, our UK economist (link here) thinks that likely economic downgrades later in the year will lead to further fiscal consolidation.
Elsewhere in Europe, sovereign bonds rallied as investors were more concerned about the negative growth impact from the tariffs. So that led investors to dial up the likelihood of further ECB rate cuts, with the amount of further cuts priced by the December meeting up +2.8bps on the day to 58bps. And in turn, yields fell across the curve, with those on 10yr bunds (-2.2bps), OATs (-2.2bps) and BTPs (-1.8bps) all moving lower.
Overnight in Asia, the major equity indices have seen sizeable losses, with the Nikkei (-2.34%) and the KOSPI (-2.14%) both slumping. In Japan, matters weren’t helped by the Tokyo CPI report for March, which came in stronger than expected at +2.9% (vs. +2.7% expected). In addition, the measure excluding fresh food and energy moved up to +2.2% (vs. +1.9% expected), the strongest in a year. In turn, that’s added to the momentum for further rate hikes from the BoJ, and the Japanese Yen has strengthened +0.10% this morning against the US Dollar. Elsewhere in Asia, the Hang Seng (-0.85%), the Shanghai Comp (-0.65%) and the CSI 300 (-0.42%) have all experienced losses as well.
To the day ahead now, and there are several data releases to look out for. In the US, there’s PCE inflation for February, along with the University of Michigan’s final consumer sentiment index for March. Meanwhile in Europe, we’ll get the French and Spanish flash CPI prints for March, along with German unemployment for March and UK retail sales for February. From central banks, we’ll hear from the Fed’s Barr and Bostic, along with the ECB’s Nagel, and Muller.
2b) European opening report
US futures approach PCE in the red following the overnight tone and further risk aversion from earthquakes in Myanmar; Carney to speak with Trump today – Newsquawk US Market Open
Friday, Mar 28, 2025 – 06:24 AM
- European bourses and US futures approach PCE in the red following the overnight tone and further risk aversion from earthquakes in Myanmar
- Canadian PM to speak with Trump today; EU has mentioned Apple, Meta and PayPal as part of any potential tariff response
- DXY attempts to claw back Thursday’s pressure and is firmer vs peers ex-JPY, which is the best performer after Tokyo CPI
- A firmer start for fixed benchmark ahead of US PCE and any tariff/trade developments, no move to the morning’s prelim. HICP figures
- Crude choppy, precious metals underpinned by the tone while base metals are lower
- Geopolitics in focus amid updates on Panama, Ukraine minerals deal and further damage to the Sudzha station
- Looking ahead, highlights include US PCE (Feb) & Consumption, Speakers including Fed’s Bostic, Barr & ECB’s de Guindos.
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TARIFFS/TRADE
- Canadian PM Carney is to speak with US President Trump on Friday.
- EU reportedly looks to hit big tech in a crackdown on US services exports, according to FT.
- EU is set to limit Apple (AAPL) and Meta (META) fines to avoid angering US President Trump, according to FT.
- Head of EU’s Parliamentary Trade Committee says the EU could charge fees on PayPal (PYPL) in the dispute with the US over tariffs.
EUROPEAN TRADE
EQUITIES
- European bourses started Friday trade on a cautious note, Euro Stoxx 50 -0.6%, after APAC stocks were pressured on tariff and growth concerns overnight, and ahead of next week’s “Liberation Day”, and with markets also bracing for US PCE inflation data later today.
- Note, the risk tone took a hit generally on the morning’s earthquakes in Myanmar.
- Sectors are mainly in the red, Banks lag with German names lagging while softer yields assist Real Estate names.
- Stateside, futures are on the backfoot directionally in-fitting with the above but with magnitudes more limited into PCE and awaiting any tariff/trade updates, ES -0.2%.
- EU plans minimal fines on AAPL (-0.6%), META (-0.3%); CRM (-0.3%) raises dividend; CRWV IPO prices beneath guidance range; LULU (-13%) drops on weak outlook.
- Click for the sessions European pre-market equity newsflow
- Click for the additional news
- Click for a detailed summary
FX
- DXY is attempting to claw back some of yesterday’s lost ground with the USD currently firmer vs. all peers ex-JPY into PCE. Index remains within yesterday’s 104.07-65 range.
- JPY is the current best performer after firmer-than-expected Tokyo CPI data, which is seen as a leading indicator for national price trends and effectively supports the case for further BoJ policy normalisation. USD/JPY has pulled back from the overnight peak @ 151.21 and made its way back onto a 150 handle. The next downside target comes via Thursday’s low @ 150.05.
- EUR is under modest pressure and has faded gradually from the 1.08 mark against the USD. No reaction to the morning’s data points or ECB speak. Thursday’s base at 1.0732 and then the 200-DMA at 1.0729.
- GBP flat despite a blip higher on the morning’s better-than-expected Retail Sales and upward revisions to dated GDP metrics. While this lifted Cable to a 1.2968 peak it proved fleeting.
- Antipodeans softer given the risk tone though action is limited given the lack of specific drivers for the region.
- PBoC set USD/CNY mid-point at 7.1752 vs exp. 7.2591 (Prev. 7.1763).
- Click for a detailed summary
- Click for NY OpEx Details
FIXED INCOME
- A firmer start to the session for the benchmarks given the tepid risk tone overnight and risk aversion entering the market on the sizable earthquakes in Myanmar.
- USTs hit a 110-24 peak but since pulled back modestly but remains comfortably clear of the overnight 110-15 base. The session ahead is focussed on US PCE.
- Bunds bid, USTs hit a 110-24 peak but since pulled back modestly but remains comfortably clear of the overnight 110-15 base. The session ahead is focussed on US PCE. Prelim. French and Spanish inflation this morning cooler than forecast, but spurred no move; ECB SCE maintained the inflation view.
- Gilts gapped higher by 25 ticks as the Gilt open roughly coincided with the high point in USTs and Bunds as the complex generally continued to climb on the broad risk tone. Since, the benchmark has eased slightly from highs but remains above the 91.00 mark. No hawkish follow through from the Retail and GDP data this morning.
- Click for a detailed summary
COMMODITIES
- Crude futures choppy with initial downside on broader risk aversion. Since, the benchmarks briefly moved into the green but only by around USD 0.10/bbl with the move fleeting and the benchmarks now essentially unchanged. WTI May at the top of a USD 69.53-70.05/bbl band, Brent May in-fitting in USD 73.63-74.15/bbl parameters.
- Precious metals mostly firmer despite the firmer USD, benefitting from the risk tone as discussed into key events. Spot gold is currently off highs in a USD 3,054.42-3,086.21/oz intraday range.
- Base metals are mostly lower, tracking sentiment, 3M LME copper resides in a USD 9,741.70-9,855.15/t range at the time of writing. Dalian iron ore prices also dipped overnight but still notched a weekly gain as hot metal output continued to increase in March – used as a gauge for iron ore demand.
- Click for a detailed summary
NOTABLE DATA RECAP
- UK Retail Sales MM (Feb) 1.0% vs. Exp. -0.4% (Prev. 1.7%, Rev. 1.4%); Ex-Fuel MM (Feb) 1.0% vs. Exp. -0.5% (Prev. 2.1%, Rev. 1.6%)
- UK Retail Sales YY (Feb) 2.2% vs. Exp. 0.5% (Prev. 1.0%, Rev. 0.6%); Ex-Fuel YY (Feb) 2.2% vs. Exp. 0.4% (Prev. 1.2%, Rev. 0.8%)
- UK GDP YY (Q4) 1.5% vs. Exp. 1.4% (Prev. 1.4%); ONS adds that UK GDP has been revised up by 0.1pp for each quarter between Q4-2023 and Q2-2024
- French CPI (EU Norm) Prelim MM (Mar) 0.2% vs. Exp. 0.40% (Prev. 0.10%); YY (Mar) 0.9% vs. Exp. 1.1% (Prev. 0.9%)
- French CPI Prelim MM NSA (Mar) 0.2% vs. Exp. 0.30% (Prev. 0.00%); YY NSA (Mar) 0.8% vs. Exp. 0.90% (Prev. 0.80%)
- Spanish HICP Flash MM (Mar) 0.7% vs. Exp. 0.90% (Prev. 0.40%); YY (Mar) 2.2% vs. Exp. 2.6% (Prev. 2.9%)
- Spanish CPI MM Flash NSA (Mar) 0.1% vs. Exp. 0.35% (Prev. 0.40%); YY Flash NSA (Mar) 2.3% vs. Exp. 2.40% (Prev. 3.00%)
- German Unemployment Chg. SA (Mar) 26.0k vs. Exp. 10.0k (Prev. 5.0k); Unemployment Total SA (Mar) 2.922M (Prev. 2.886M)
- EU Consumer Confid. Final (Mar) -14.5 vs. Exp. -14.5 (Prev. -14.5); Selling Price Expec (Mar) 11.4 (Prev. 9.8, Rev. 10.2); Cons Infl Expec * (Mar) 24.4 (Prev. 21.1, Rev. 21.4)
NOTABLE EUROPEAN HEADLINES
- Magnitude 6.9 (initially reported 7.72/7.4) earthquake occurs in Myanmar, via GFZ; reports of buildings shaking in Bangkok & Hanoi. Thereafter, magnitude 6.37 earthquake occurs in Myanmar, via GFZ; shocks reported in the Yunnan Province of southwest China and in Bangkok.
- ECB’s de Guindos says disinflation process is continuing, goal is for it to be reached in the coming months; caution is even more important at times of uncertainty. Trade war would mostly impact economic growth.
- ECB Consumer Expectations Survey (Feb): See inflation in next 12 months at 2.6% (prev. 2.6%); 3y ahead sees 2.4% (prev. 2.4%). Consumers’ nominal income growth expectations over the next 12 months increased to 1.0% in February from 0.9% in January.
NOTABLE US HEADLINES
- Fed’s Collins (2025 voter) said she is cautiously and realistically optimistic about the economy and stated the economy started 2025 in a good place. Collins said inflation had come down but was still elevated at the start of the year, and the outlook now is much cloudier for inflation and growth. She noted it is inevitable that tariffs will increase inflation in the near term and it remains a question how long tariff-driven inflation will last. Furthermore, she said inflation risks are on the upside and she strongly supported the Fed’s decision to hold rates steady, while she expects the Fed will likely hold rates steady for longer given the outlook and stated that watching inflation expectations and sentiment data is important right now.
- Fed’s Barkin (2027 voter) said the current moderately restrictive stance is a good place to be and if conditions shift, the Fed can adjust. Barkin said given recent high inflation, tariffs could have more of an impact on prices, but still not known where rates will settle or how affected countries’ businesses and consumers will respond. Barkin also commented that the direction of federal policy changes may be known, but the extent and how they net out in the economy remains uncertain, while he added federal policy changes create instability in the near term and the Fed is waiting for uncertainty to clear before acting.
- Elon Musk commented that their goal is to reduce the deficit by USD 1tln and will achieve most of that objective within a 130-day tenure, while he added that legitimate recipients of Social Security benefits will receive more, not less money, according to Fox News.
GEOPOLITICS
MIDDLE EAST
- Israeli military said it intercepted one launch from Lebanese territory and another one was detected.
- Israeli Defense Minister said if there is no peace in Kiryat Shmona and the Galilee communities, there will be no peace in Beirut, according to Asharq News. It was separately reported that Israel’s Defence Minister holds Lebanon responsible for firing on Galilee and said Israel will respond forcefully against any threats.
- Iran’s ambassador in Baghdad said US President Trump’s message to Tehran included a request to dissolve or merge the Popular Mobilization Forces, which is unacceptable to us, while the ambassador added they refuse to negotiate on their ballistic missiles and the decision to dissolve the PMU is an Iraqi decision which he thinks is impossible, according to Sky News Arabia.
- “Lebanese media: Israeli warplanes fly over Beirut”, according to Sky News Arabia; thereafter, the Israeli Military says it will release an urgent statement to Beirut residents soon.
RUSSIA-UKRAINE
- Russia and US teams may meet regarding Ukraine in Riyadh in mid-April, according to TASS.
- Russian President Putin suggested the possibility of placing Ukraine under temporary administration to allow for elections and signature of accords, according to Russian news agencies. Putin said Russia stands for resolving Ukraine conflict through peaceful means and wants to work with Europe on resolving Ukraine conflict, but the EU is acting inconsistently. It was separately reported that Putin said Russia welcomes a peaceful resolution to the Ukraine conflict “but not at our expense”, according to CGTN Europe.
- White House said governance in Ukraine is determined by its constitution and the people of Ukraine.
- Russian Defence Ministry says Ukraine continued attacks on Russian energy infrastructure, according to Ria; attacked the Sudzha gas metering station on Friday and almost destroyed it; thereafter, Ukraine said Russia conducted the attack.
- Ukrainian Deputy PM confirms Ukraine has received new US draft of the minerals deal.
OTHER
- CK Hutchison Holdings (0001 HK) will not go ahead with the expected signing of a deal next week to sell its two strategic ports at the Panama Canal, according to SCMP.
- US Secretary of State Rubio warned if Venezuela attacked Guyana or Exxon (XOM), “it would be a very bad day” for them. It was also reported that the Guyanese President agreed with the US to further integrate energy production after a meeting with US Secretary of State Rubio.
- US Defense Secretary Hegseth said during a visit to the Philippines that he and US President Trump want to express the ironclad commitment they have to the mutual defence treaty and are very committed to the Philippines-US alliance, friendship and cooperation they have. Hegseth added that friends need to stand shoulder to shoulder to deter conflict and ensure that there’s freedom of navigation in the South China Sea, and noted that deterrence is necessary around the world, but specifically in this region considering the threats from the Communist Chinese. Hegseth later announced they are doubling down on the US-Philippines partnership and agreed on the next steps to re-establish deterrence in the Indo-Pacific with the US to deploy advanced capabilities to the Philippines.
CRYPTO
- US Senator Warren and other Democrats have sent a letter to Fed’s Bowman warning that US regulators could seen face an “extraordinary conflict of interest” overseeing a crypto entity controlled by President Trump, via WSJ.
APAC TRADE
- APAC stocks were mostly pressured amid the ongoing themes of tariffs and growth concerns heading closer to next week’s ‘Liberation Day’ and with markets also bracing for the latest US PCE Price Index.
- ASX 200 traded rangebound and was just about kept afloat by strength in consumer staples and the commodity-related sectors with gold miners rejoicing after the precious notched another fresh record high.
- Nikkei 225 underperformed and dipped beneath the 37,000 level as automakers continued to suffer from Trump’s recent auto tariff proclamation and with firmer-than-expected Tokyo CPI data supporting the case for the BoJ to continue with future policy adjustments.
- Hang Seng and Shanghai Comp failed to sustain the early resilience and slipped into negative territory amid a deluge of earnings and tariff uncertainty, while it was also reported that China rejected US President Trump’s offer of tariff waivers in exchange for a TikTok deal.
NOTABLE ASIA-PAC HEADLINES
- Chinese President Xi said, at a meeting with foreign CEOs, that foreign firms’ investment plays an important role and China was, is and will certainly be an ideal, safe and promising investment destination for foreign business people. Xi added they will ensure that foreign-funded enterprises have fair access to factors of production in accordance with the law and maintaining a stable, healthy, and sustainable development of China-US relations is in the fundamental interests of the two peoples. Xi also stated that blocking someone else’s path will only block your own path in the end and blowing out other people’s lights will not make your own lights brighter. Furthermore, he said economic and trade frictions should be properly resolved through equal dialogue and consultation, and noted that China will handle China-US relations in accordance with the principles of mutual respect, peaceful coexistence and win-win cooperation.
- China is to promote high-quality development of the aluminium sector and will actively respond to trade frictions, according to a plan by ten government departments cited by Global Times.
- Japanese PM Ishiba said the impact of US auto tariffs on the Japanese economy could be very big.
- Bank of Japan March Meeting Summary of Opinions noted one member said inflation is somewhat overshooting expectations and a member said wage hikes in spring wage talks are somewhat exceeding last year’s figures, with nominal wages rising at a pace in line with the achievement of the BoJ’s price goal. There was the opinion that they don’t have enough data to gauge the impact of the January policy change and recent long-term rate moves on the economy, while it was reiterated that the BoJ will continue to hike rates if economy and prices move in line with forecast, but should not have a preset idea on specific policy management. A member stated that for the time being, the BoJ must scrutinise US policy impact on the global economy and markets, as well as the effect of BoJ’s past rate hike on Japan’s economy, then move to the next rate hike, while a member said they must adjust the degree of monetary support nimbly to avoid a buildup of financial excess. Furthermore, there was an opinion that when they next hike rates, they must consider shifting the monetary policy stance to neutral from accommodative, and at the next meeting, they must scrutinise inflation expectations, the chance of upside price risk materialising, and progress in wage hikes when setting monetary policy.
DATA RECAP
- Tokyo CPY YY (Mar) 2.9% vs Exp. 2.8% (Prev. 2.9%)
- Tokyo CPY Ex. Fresh Food YY (Mar) 2.4% vs Exp. 2.2% (Prev. 2.2%)
- Tokyo CPY Ex. Fresh Food & Energy YY (Mar) 2.2% vs Exp. 2.0% (Prev. 1.9%)
2c Asian report opening;
APAC stocks mostly pressured amid tariff & growth concerns; DXY rangebound, USD/JPY retreats below 151 – Newsquawk Europe Market Open
Friday, Mar 28, 2025 – 02:52 AM
- APAC stocks were mostly pressured amid the ongoing themes of tariffs and growth concerns heading closer to next week’s ‘Liberation Day’ and with markets also bracing for the latest US PCE Price Index.
- DXY traded rangebound after weakening yesterday, USD/JPY retreated beneath the 151.00 level amid the underperformance in Japanese stocks and after firmer-than-expected Tokyo CPI data.
- EU reportedly looks to hit big tech in a crackdown on US services exports, according to FT. EU is set to limit Apple (AAPL) and Meta (META) fines to avoid angering US President Trump, according to FT.
- European equity futures indicate a lower cash market open with Euro Stoxx 50 futures down 0.3% after the cash market closed with losses of 0.6% on Thursday.
- Looking ahead, highlights include UK Q4 GDP & Retail Sales, German GfK Consumer Sentiment & Unemployment Rate, French & Spanish CPI, EZ Sentiment, US PCE (Feb) & Consumption, ECB SCE Speakers including Fed’s Bostic, Barr & ECB’s de Guindos, Supply from Italy.
SNAPSHOT
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US TRADE
EQUITIES
- US stocks were subdued in what was a choppy session but settled well off worst levels, as markets continued to digest Trump’s latest tariff actions following the announcement of a 25% tariff on all autos made outside of the US from April 2nd, while cautiousness remains ahead of April 2nd “Liberation Day” and what the President decides to implement. Participants also reflected on a slew of data releases which ultimately printed mixed and did little to spur risk appetite.
- SPX -0.33% at 5,693, NDX -0.59% at 19,799, DJI -0.37% at 42,300, RUT -0.39% at 2,066.
- Click here for a detailed summary.
TARIFFS/TRADE
- Canadian PM Carney is to speak with US President Trump on Friday.
- Canadian PM Carney said their response to these latest tariffs is to fight and they will fight the US tariffs with retaliatory trade actions of their own, while he added it is clear the US is no longer a reliable partner but noted it is possible that with comprehensive negotiations, they will be able to restore some trust with the US. Furthermore, Carney said US President Trump reached out on Wednesday night to schedule a call and he will speak to Trump in the next day or two but also noted that if President Trump threatens them again, they will fight back with everything they have to get the best deal for Canada.
- Ontario Premier Ford said he just spoke to PM Carney and agreed not to impose countermeasures until April 2nd, while he added there was no assurance from US Commerce Secretary Lutnick on softening of tariffs.
- US is to target all of Brazil’s sectors if it imposes tariffs on it, according to Folha.
- EU reportedly looks to hit big tech in a crackdown on US services exports, according to FT.
- EU is set to limit Apple (AAPL) and Meta (META) fines to avoid angering US President Trump, according to FT.
NOTABLE HEADLINES
- Fed’s Collins (2025 voter) said she is cautiously and realistically optimistic about the economy and stated the economy started 2025 in a good place. Collins said inflation had come down but was still elevated at the start of the year, and the outlook now is much cloudier for inflation and growth. She noted it is inevitable that tariffs will increase inflation in the near term and it remains a question how long tariff-driven inflation will last. Furthermore, she said inflation risks are on the upside and she strongly supported the Fed’s decision to hold rates steady, while she expects the Fed will likely hold rates steady for longer given the outlook and stated that watching inflation expectations and sentiment data is important right now.
- Fed’s Barkin (2027 voter) said the current moderately restrictive stance is a good place to be and if conditions shift, the Fed can adjust. Barkin said given recent high inflation, tariffs could have more of an impact on prices, but still not known where rates will settle or how affected countries’ businesses and consumers will respond. Barkin also commented that the direction of federal policy changes may be known, but the extent and how they net out in the economy remains uncertain, while he added federal policy changes create instability in the near term and the Fed is waiting for uncertainty to clear before acting.
- Elon Musk commented that their goal is to reduce the deficit by USD 1tln and will achieve most of that objective within a 130-day tenure, while he added that legitimate recipients of Social Security benefits will receive more, not less money, according to Fox News.
APAC TRADE
EQUITIES
- APAC stocks were mostly pressured amid the ongoing themes of tariffs and growth concerns heading closer to next week’s ‘Liberation Day’ and with markets also bracing for the latest US PCE Price Index.
- ASX 200 traded rangebound and was just about kept afloat by strength in consumer staples and the commodity-related sectors with gold miners rejoicing after the precious notched another fresh record high.
- Nikkei 225 underperformed and dipped beneath the 37,000 level as automakers continued to suffer from Trump’s recent auto tariff proclamation and with firmer-than-expected Tokyo CPI data supporting the case for the BoJ to continue with future policy adjustments.
- Hang Seng and Shanghai Comp failed to sustain the early resilience and slipped into negative territory amid a deluge of earnings and tariff uncertainty, while it was also reported that China rejected US President Trump’s offer of tariff waivers in exchange for a TikTok deal.
- US equity futures were lacklustre after recent declines and as the Fed’s preferred inflation gauge looms.
- European equity futures indicate a lower cash market open with Euro Stoxx 50 futures down 0.3% after the cash market closed with losses of 0.6% on Thursday.
FX
- DXY traded rangebound after weakening yesterday amid headwinds from the continued growth concerns and as the latest Trump tariffs were not immediately effective, while Trump had also previously flagged the potential for some leniency regarding next week’s reciprocal tariffs. There were several recent Fed speakers although the rhetoric spurred little reaction with participants bracing for the Fed’s preferred inflation gauge.
- EUR/USD traded sideways near the 1.0800 level after recently advancing on the back of a softer dollar, while tariffs remained the main focus with the EU said to be preparing its response to the new auto import tariffs by the US.
- GBP/USD held on to most of the prior day’s spoils with the UK seen to be less tariff-exposed but with the upside capped after the recent pullback from resistance near the 1.3000 level and as GDP data looms.
- USD/JPY faded some of its recent advances and retreated back beneath the 151.00 level amid the underperformance in Japanese stocks and after firmer-than-expected Tokyo CPI data, which is seen as a leading indicator for national price trends and effectively supports the case for further BoJ policy normalisation.
- Antipodeans marginally softened alongside the mostly subdued risk appetite and absence of pertinent tier-1 data.
- PBoC set USD/CNY mid-point at 7.1752 vs exp. 7.2591 (Prev. 7.1763).
- Mexican Central Bank lowered its Interest Rate by 50bps to 9.00% vs. Exp. 9.00% (prev. 9.50%) with the board unanimous on the rate decision. Banxico estimates it could continue calibrating the monetary policy stance and consider adjusting it in similar magnitudes, while it added that the Mexican economy is expected to exhibit weakness once again in the first quarter of 2025.
FIXED INCOME
- 10yr UST futures extended on the prior day’s intraday rebound but with upside capped after the curve recently steepened amid the subdued risk tone, tariff updates, US economic data and supply.
- Bund futures remained underpinned amid the ongoing US tariff threat against the bloc, while participants looked ahead to German GFK Consumer Sentiment and Unemployment Rate.
- 10yr JGB futures tracked the upside in global counterparts amid a flight to safety and despite the firmer-than-expected Tokyo inflation.
COMMODITIES
- Crude futures were little changed after slightly gaining yesterday in relatively narrow parameters as US President Trump’s recent tariff announcement dominated macro newsflow and sentiment.
- Spot gold notched a fresh record high after recent dollar weakness and amid trade war fears.
- Copper futures languished around the prior day’s lows after sliding amid the downbeat risk appetite.
CRYPTO
- Bitcoin gave back the prior day’s gains and was pressured after failing to hold on to the USD 87,000 level.
NOTABLE ASIA-PAC HEADLINES
- Chinese President Xi said, at a meeting with foreign CEOs, that foreign firms’ investment plays an important role and China was, is and will certainly be an ideal, safe and promising investment destination for foreign business people. Xi added they will ensure that foreign-funded enterprises have fair access to factors of production in accordance with the law and maintaining a stable, healthy, and sustainable development of China-US relations is in the fundamental interests of the two peoples. Xi also stated that blocking someone else’s path will only block your own path in the end and blowing out other people’s lights will not make your own lights brighter. Furthermore, he said economic and trade frictions should be properly resolved through equal dialogue and consultation, and noted that China will handle China-US relations in accordance with the principles of mutual respect, peaceful coexistence and win-win cooperation.
- China is to promote high-quality development of the aluminium sector and will actively respond to trade frictions, according to a plan by ten government departments cited by Global Times.
- Japanese PM Ishiba said the impact of US auto tariffs on the Japanese economy could be very big.
- Bank of Japan March Meeting Summary of Opinions noted one member said inflation is somewhat overshooting expectations and a member said wage hikes in spring wage talks are somewhat exceeding last year’s figures, with nominal wages rising at a pace in line with the achievement of the BoJ’s price goal. There was the opinion that they don’t have enough data to gauge the impact of the January policy change and recent long-term rate moves on the economy, while it was reiterated that the BoJ will continue to hike rates if economy and prices move in line with forecast, but should not have a preset idea on specific policy management. A member stated that for the time being, the BoJ must scrutinise US policy impact on the global economy and markets, as well as the effect of BoJ’s past rate hike on Japan’s economy, then move to the next rate hike, while a member said they must adjust the degree of monetary support nimbly to avoid a buildup of financial excess. Furthermore, there was an opinion that when they next hike rates, they must consider shifting the monetary policy stance to neutral from accommodative, and at the next meeting, they must scrutinise inflation expectations, the chance of upside price risk materialising, and progress in wage hikes when setting monetary policy.
DATA RECAP
- Tokyo CPY YY (Mar) 2.9% vs Exp. 2.8% (Prev. 2.9%)
- Tokyo CPY Ex. Fresh Food YY (Mar) 2.4% vs Exp. 2.2% (Prev. 2.2%)
- Tokyo CPY Ex. Fresh Food & Energy YY (Mar) 2.2% vs Exp. 2.0% (Prev. 1.9%)
GEOPOLITICS
MIDDLE EAST
- Israeli military said it intercepted one launch from Lebanese territory and another one was detected.
- Israeli Defense Minister said if there is no peace in Kiryat Shmona and the Galilee communities, there will be no peace in Beirut, according to Asharq News. It was separately reported that Israel’s Defence Minister holds Lebanon responsible for firing on Galilee and said Israel will respond forcefully against any threats.
- Houthi media reported four US raids on the Sanhan district in Sana’a, while a US official said they carried out strikes against Houthi sites around the clock, according to Al Arabiya.
- Iran’s ambassador in Baghdad said US President Trump’s message to Tehran included a request to dissolve or merge the Popular Mobilization Forces, which is unacceptable to us, while the ambassador added they refuse to negotiate on their ballistic missiles and the decision to dissolve the PMU is an Iraqi decision which he thinks is impossible, according to Sky News Arabia.
RUSSIA-UKRAINE
- Russia and US teams may meet regarding Ukraine in Riyadh in mid-April, according to TASS.
- Russian President Putin suggested the possibility of placing Ukraine under temporary administration to allow for elections and signature of accords, according to Russian news agencies. Putin said Russia stands for resolving Ukraine conflict through peaceful means and wants to work with Europe on resolving Ukraine conflict, but the EU is acting inconsistently. It was separately reported that Putin said Russia welcomes a peaceful resolution to the Ukraine conflict “but not at our expense”, according to CGTN Europe.
- White House said governance in Ukraine is determined by its constitution and the people of Ukraine.
OTHER
- Russian President Putin said the US is serious about Greenland and will promote its interests in the Arctic, while he noted concern that NATO sees the North as the possible foothold for conflicts. Putin said Russia has never threatened anyone in the Arctic, but they are closely watching the situation and stated there is a possibility for cooperation in the Arctic, including with Western states.
- US Secretary of State Rubio warned if Venezuela attacked Guyana or Exxon (XOM), “it would be a very bad day” for them. It was also reported that the Guyanese President agreed with the US to further integrate energy production after a meeting with US Secretary of State Rubio.
- US Defense Secretary Hegseth said during a visit to the Philippines that he and US President Trump want to express the ironclad commitment they have to the mutual defence treaty and are very committed to the Philippines-US alliance, friendship and cooperation they have. Hegseth added that friends need to stand shoulder to shoulder to deter conflict and ensure that there’s freedom of navigation in the South China Sea, and noted that deterrence is necessary around the world, but specifically in this region considering the threats from the Communist Chinese. Hegseth later announced they are doubling down on the US-Philippines partnership and agreed on the next steps to re-establish deterrence in the Indo-Pacific with the US to deploy advanced capabilities to the Philippines.
3 .ASIA
3A NORTH KOREA/SOUTH KOREA
3B JAPAN
3C CHINA
4.EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS
FRANCE/UKRAINE/RUSSIA
European Force In Ukraine Could ‘Respond’ If Attacked By Russia: Macron
Friday, Mar 28, 2025 – 04:15 AM
A ‘coalition of the willing’ is mulling a European army which would be deployed to Ukraine in a ‘peacekeeping’ capacity, except that French President Emmanuel Macron has also admitted these Western forces would be ready to join the conflict if provoked.
Macron is currently hosting the leaders of nearly 30 countries plus NATO and European Union chiefs at a Paris summit – where as we described earlier they are pushing back on US-backed peace plans by ruling out sanctions relief for Russia.
Most importantly, Macron said Wednesday that a proposed European armed force to enforce a future Ukraine peace deal could “respond” to a Russian attack if Moscow launched one.
“If there was again a generalized aggression against Ukrainian soil, these armies would be under attack and then it’s our usual framework of engagement,” Macron said.
“Our soldiers, when they are engaged and deployed, are there to react and respond to the decisions of the commander in chief and, if they are in a conflict situation, to respond to it,” the French leader explained.
Of course, this is precisely why the Kremlin has rejected any plan which calls for NATO country forces to be present in Ukraine. President Putin sent his army into Ukraine in February 2022 as in large part a reaction to constant NATO expansion to Russia’s doorstep.
France and the United Kingdom are leading the way in putting together what they’ve dubbed a “reassurance force” for Ukraine.
The forces would have the “character of deterrence against any potential Russian aggression,” Macron said further – which comes dangerously close to simply saying he wants to send NATO troops into the conflict to fight Moscow forces.
More billions have also been committed: “Macron committed to a further 2 billion euros ($2.16bn) in French military support on Wednesday, including missiles, warplanes and air defense equipment. Zelenskyy said other partners could announce aid packages on Thursday,” international outlets have reported.
Meanwhile, Moon of Alabama has highlighted the latest flip-flopping from NATO’s top leadership on the question of peace, and eventual restoration of positive relations with Russia:
NATO Chief Says Russia Relations Should Be Restored Post War – Bloomberg, Mar 14 2025NATO Secretary General Mark Rutte said relations with Russia should eventually be normalized once the fighting ends in Ukraine, while stressing the need to keep pressure on Moscow to ensure progress in ceasefire negotiations.
“It’s normal if the war would have stopped for Europe somehow, step by step, and also for the US, step by step, to restore normal relations with Russia,” Rutte said in an interview on Bloomberg TV Friday.
Just twelve days later …
‘This is not the time to go it alone,’ NATO’s Rutte tells U.S. and Europe – Reuters, Mar 26, 2025While welcoming Trump’s push for peace in Ukraine, Rutte said there would be no normalisation of relations with Russia once the war had ended.
“This will take decades because there is a total lack of confidence. The threat is still there,” he told reporters.
Given all of this, the prospect of peace doesn’t actually seem close, despite the continued optimistic statements coming from the White House. President Trump has aimed to achieve peace within the some first one hundred days of his presidency, but that’s looking increasingly unrealistic at this point.
END
ITALY
Ferrari To Raise Prices Up To 10% To Offset Auto Tariffs
Friday, Mar 28, 2025 – 02:45 AM
It looks like Ferrari is ready to try and stick it to President Trump and his newly imposed auto tariffs…
The automaker put out a press release late Wednesday/early Thursday that said it would “update its commercial policy, based on the preliminary information currently available regarding the introduction of import tariffs on EU cars into the USA”.
“While reaffirming its commitment to maximum client attention and protection and with the goal to provide certainty to them: The commercial terms will remain unchanged for orders of all models imported before April 2, 2025 and for orders of the following three families – Ferrari 296, SF90 and Roma – regardless the import date,” it said.
“For the current remaining models, the new import conditions will be partially reflected on pricing, up to a maximum 10 per cent increase, in coordination with our dealer network,” the release said.
Ferrari announced it will hold prices steady on vehicles imported before April 2. After that, pricing for the 296, SF90, and Roma models will remain unchanged, but its more in-demand models — including the Purosangue SUV, 12Cilindiri, and limited-edition F80 — will see hikes of up to 10%. That means an extra $43,000 on the $430,000 Purosangue and over $350,000 added to the $3.5 million F80, CNBC added.
As we wrote this morning worries over tariffs hit markets on Wednesday, with the S&P 500 halting a three-day win streak to close down 1.1%.
“Tariffs are front and center on people’s minds,” said Arun Sai, senior multi-asset strategist at Pictet Asset Management. “We all know that tariffs are stagflationary and markets have been trying to price that to different extents. What we don’t know yet is what’s the ultimate lasting impact.”
“If the European Union works with Canada in order to do economic harm to the USA, large-scale Tariffs, far larger than currently planned, will be placed on them both in order to protect the best friend that each of those two countries has ever had!” Trump wrote on his social media platform Trump wrote late Wednesday/early Thursday morning.
On Wednesday, Trump signed an order imposing a 25% tariff on all auto imports—a move he believes could reverse decades of disastrous industrial policy that have hollowed out the core of the country. The order takes effect next week, in addition to the ‘reciprocal tariffs’ set for April 2.
Bloomberg reported earlier that the EU is preparing countermeasures. France has asked the European Commission to consider using the anti-coercion instrument to strike back against Trump’s escalating trade war.
In the Oval Office on Wednesday, Trump told reporters that reciprocal levies would be lower than expected: “We’re going to make it all countries, and we’re going to make it very lenient. I think people are going to be very surprised. It’ll be, in many cases, less than the tariff that they’ve been charging us for decades.”
For an in-depth look at how tariffs could effect the industry and markets across the global, premium subscribers can read this note that we published earlier this morning.
END
EUROPE/USA UKRAINE
The US Will Struggle To Get Europe To Abide By Putin’s Demand To Stop Arming Ukraine
Friday, Mar 28, 2025 – 02:00 AM
Authored by Andrew Korybko via substack,
A compromise is possible whereby the Europeans are pressured by the US into stockpiling their Ukrainian-destined arms in Poland and Romania for swift shipment across the border if hostilities re-erupt sometime after a ceasefire, armistice, or peace treaty is agreed to.
The official Kremlin readout from Putin’s most recent phone call with Trump shared Putin’s demand that “a complete cessation of providing Kiev with foreign military aid and intelligence must become the key condition for preventing an escalation of the conflict and making progress towards its resolution.” Trump’s temporary suspension of such assistance proves that he has the political will to shut it off for good if he gets what he wants from negotiations with Putin, but the Europeans are a different story.
Secretary of State Marco Rubio told Trump during a Cabinet meeting on Monday before the end of the 12-hour-long Russian-US talks in Riyadh that day that “You’ve [promoted despite] despite impediments from other countries”, which was arguably an allusion to the Europeans’ warmongering. Although deliberately vague, he might very well have been referring to the EU’s and UK’s plans to continue arming Ukraine in spite of Putin’s demand that this cease as one of his most important conditions for peace.
Poland, Romania, and the Black Sea in descending order serve as the entry points for foreign weapons into Ukraine, none of which the US has full control over. It jointly operates the Rzeszow logistics hub in southeastern Poland through which an estimated 90-95% of all weapons to Ukraine pass but this facility can continue functioning even if the US pulls out. The situation is similar with Romania’s newly built “Moldova Highway” for facilitating the shipment of arms from Greek ports to Ukraine.
The US military only jointly operates local port facilities in Alexandroupolis while having no direct influence over the “Moldova Highway”, both of which can also continue functioning without it. As for the Black Sea, the new grain deal that the US is negotiating with Russia could either lead to international checks on cargo for detecting arms trafficking or create a plausible cover for this trade. In any case, just like the preceding two, the point is that others besides the US can rely on this route too.
Trump is unlikely to threaten economic sanctions against nominal NATO allies whose countries continue to arm Ukraine even if his own decides to cut it off for good as part of the series of pragmatic compromises that it’s negotiating with Russia for sustainably ending the conflict. The only scenario in which he might rally Congress to pass another arms package is if Russia significantly expands its ground campaign beyond the regions that it claims as its own as was discussed here.
As long as that doesn’t happen, then the US’ Biden-era aid will soon run out and Ukraine will then be entirely dependent on European aid, but it’s unclear whether that drastic curtailment in aid (also keeping in mind their already greatly depleted stockpiles) would suffice for Russia to cease hostilities. Putin might agree to it as part of the series of pragmatic compromises that he’s negotiating with Trump, or he could still lean on his counterpart to exert more pressure on the Europeans to follow in his footsteps.
Trump’s hands would be tied in the second scenario as was just explained, but he could also lead from the front by suggesting that the Europeans instead stockpile the equipment that they want to send to Ukraine in Poland and Romania per their “security guarantee” commitments to Kiev. These refer to the bilateral pacts clinched last year whereby major countries like the UK, France, Poland, Italy, and the US itself basically agreed to resume their existing level of support for Ukraine if hostilities re-erupt.
Whatever weapons the Europeans might still send to Ukraine wouldn’t compensate for the cut-off of US aid so they’d be transferring their equipment to be destroyed for no purpose other than delaying the inevitable political resolution of the conflict, by which time Russia could even gain more ground. Putin might of course prefer for NATO not to stockpile anything in proximity to Ukraine’s borders for swift shipment across if there’s a continuation war, but Russia can’t control what they do on their territory.
Trump and his team would therefore do well to convey these points to the Europeans in order to facilitate the Ukrainian peace process. Putin might not agree to a ceasefire or armistice so long as the Europeans continue arming Ukraine, which would be futile on their part in any case, while they’d just be wasting their weapons that could otherwise be put to better use if hostilities re-erupt and the US thus restores its prior level of support for Ukraine. This proposed compromise might lead to a breakthrough.
end
EUROPE/US/TARIFFS
Europe Waves The White Flag: EU Prepares “Term Sheet” Of Concessions For Trump Trade War
Friday, Mar 28, 2025 – 09:44 AM
In what may be the first clear confirmation Trump’s plan to realign the global trader system is working, moments ago Bloomberg reported that the European Union is identifying concessions it’s willing to make to Donald Trump’s administration to secure the partial removal of the US tariffs that have already started hitting the bloc’s exports and that are set to increase after April 2.
According to Bloomberg, EU officials were told at meetings this week in Washington that there was no way to avoid new auto and so-called reciprocal tariffs that Trump is launching next week. Discussions also began on what the contours of a potential deal to reduce them should eventually look like.
That prompted the European Commission (which handles trade matters for the EU) to start working on a “term sheet” for a potential concession agreement, which would set out areas for negotiations on the punitive trade measures, including lowering its own duties, mutual investments with the US as well as easing certain regulations and standards.
In short, Europe – led these days by France’s Macron – did what Europe always does when led by the French: it surrendered.
The reciprocal tariffs which will be unveiled on April 2 are meant to strike out against what Trump considers to be unfair levies on US goods as well as non-tariff barriers, such as domestic regulations and how countries collect taxes, including the bloc’s value-added tax, digital taxes and regulations. The EU says its VAT is a fair, non-discriminatory tax that applies equally to domestic and imported goods (for more on the framework for Trump’s reciprocal tariffs, see this).
The news, which is actually rather bad for Europe as it confirms the continent will be unable to retaliate fully and instead will be on the receiving end of Trump’s trade war, sparked a brief rally in the Euro…
… however we expect this to promptly reverse once algos realize that Europe’s ad hoc capitulation means that the US now has the unconditional upper hand.
5 RUSSIAN AND MIDDLE EASTERN AFFAIRS
ISRAEL HAMAS///
Signs of strain: What the anti-Hamas protests in Gaza mean for Israel
GAZA AFFAIRS: Don’t confuse rare defiance with regime collapse, but ignoring the shift entirely would be a missed opportunity.
By HERB KEINONMARCH 28, 2025 10:33Updated: MARCH 28, 2025 11:13
Over a photo of a large protest in Israel – pink smoke billowing from the center of the crowd – TRT Global, widely considered a mouthpiece of the Turkish government, ran this headline on Wednesday: “Israel is now a divided nation on the brink of collapse: ex-Knesset member.”
The headline should serve as a cautionary tale – not because Israel is actually on the verge of collapse (though that may be what the headline writer hoped), but as a reminder to resist jumping to conclusions about the impact of protests in someone else’s backyard.
For instance, time and again, when large demonstrations have erupted in Iran – demonstrations that turned violent – some were quick to proclaim that the regime was about to fall. Yet the regime of the ayatollahs still stands. The moral: often, when watching these developments – hoping for a particular outcome – we see what we want to see and disregard the rest.
All of that is worth keeping in mind when considering some truly astounding developments in Gaza this week. Not the targeted killing of more Hamas leaders, but the demonstrations that broke out on Tuesday and continued into Wednesday and Thursday. It may be tempting to look at these and say they are a sign that Hamas is on the brink of collapse. But that may well be wishful thinking – not unlike that TRT headline.
Even so, those protests – their size, the fact that they took place in numerous locations across the Gaza Strip and continued beyond a single day – represent something new and different, something not seen before: the largest anti-Hamas protests ever held in the Strip.
And that’s not the only change Gaza has witnessed over the past week. On Thursday, some 200 Gazans reportedly left the coastal enclave for medical care elsewhere; on Wednesday, there were reports of a pilot program that, in the coming days, would bring 100 Gazans to Indonesia to work in construction.
Moreover, Israeli media reported that since the war in Gaza began, some 35,000 people have left the area – not forced out, but leaving voluntarily. Energy and Infrastructure Minister Eli Cohen said during an Army Radio interview that government figures put the actual numbers closer to 70,000-80,000.
A Gallup International poll conducted between March 2 and 13 among 532 Gazans over the age of 18 living in permanent homes, shelter centers, and tent gatherings found that 52% of respondents would leave Gaza if given the chance – 38% temporarily and 14% permanently.
Both these phenomena challenge two long-standing assumptions about Gaza: that the people will never turn on Hamas, and that they will never leave. Yet something seems to be stirring, and it may yet prove that neither of those axioms holds true.
What is the critical question Israel is faced with?
ONE CRITICAL question is how Israel should respond to both phenomena. What should it do?Regarding the second phenomenon – Gazans interested in leaving either permanently or temporarily – the cabinet on Saturday night approved the establishment of a “voluntary migration administration for Gaza residents interested in relocating to third countries.”
According to a statement put out by Defense Minister Israel Katz, this body, which will be under the Defense Ministry, will “operate under Israel and international law, in line with the vision of US President Donald Trump.” Trump last month advocated the mass relocation of Gazans and a US takeover of the area.
The new body is to “prepare for and facilitate safe and controlled relocation, including securing movement, creating designated pedestrian routes at Gaza crossing, and establishing infrastructure for land, sea, and air travel to destination countries.”
According to a Channel 12 report on Sunday, more than 1,000 Gazans have left the region so far this month, and another 600 were to do so by the end of the week. Gazans in need of medical care abroad have been, up until now, allowed to leave with one family member, but now – according to the report – they can exit with their entire families.
In addition, Gazans with dual citizenship or visas in third countries are those leaving. According to the report, those emigrating are brought to a meeting point from where they are taken to Kerem Shalom, where they undergo a Shin Bet (Israel Security Agency) security check.
After that they are taken either to the Rafah crossing into Egypt, the Allenby Bridge to Jordan, or the Ramon Airport for flights abroad.
In other words, when it comes to Gaza relocation, Israel is actively involved.
WHEN IT comes to the demonstrations and protests, however, the situation is different – or, as common sense would dictate, at least it should be.
With Hamas already accusing those who have gone out to the protests as “agents” of either Israel or the Palestinian Authority, it is clear that any public embrace by Israel of the protests would only backfire. Nevertheless, that hasn’t prevented the most senior Israeli officials from discussing the protests.
For instance, Katz, in a video with Arabic subtitles on Wednesday, urged Gazans to follow the example of protesters from Beit Lahiya, where the protests originated on Tuesday evening, and “demand the removal of Hamas from Gaza and the immediate release of all Israeli hostages. This is the only way to stop the war.”
Prime Minister Benjamin Netanyahu also addressed the protests from the Knesset plenum on Wednesday, saying that these demonstrations vindicate his policies. “In recent days, we have seen something we’ve never seen before – open protests in the Gaza Strip against Hamas rule,” he said, adding, “this shows that our policy is working.”
AFTER MORE than 16 months of fighting, the question that needs to be asked is: why now? Granted, there were some sporadic demonstrations earlier on during the war, but nothing this large or sustained, and nothing that gained real traction.
One reason proffered has to do with the end of the current ceasefire. According to this theory, Gazans who returned to what remained of their homes when the ceasefire went into effect on January 19 got a taste of quiet — and now that Israel has again begun attacking inside Gaza and warning people to leave their homes, they do not want to relive what they have already endured since October 7.
Dalia Ziada, an Egyptian author and a senior fellow at the Jerusalem Center for Security and Foreign Affairs, posted on X on Tuesday that similar protests have happened many times before, but have always been “underreported in the media and quickly suppressed by the brutally powerful Hamas and its regional backers.”
This time, she said, the situation is different for three reasons: “Hamas is lonely and devastated; the biased Qatar-sponsored media has already lost its credibility and ability to manipulate the truth; the people of Gaza have broken the barriers of fear after they have been left with nothing to lose.”
Gazan voices heard from the protests
The voices emerging from the protests – where signs include “Out, out, out! Hamas get out,” “We want to live,” and “The blood of our children is not cheap” – bear this out, pointing to a growing willingness among Gazans to express discontent with Hamas despite the potential risks. Hamas has a well-documented history of violently suppressing dissent, so the fact that people are still taking to the streets suggests a sense that there is little left to lose.
One protester, identified as Ammar Hassan, was quoted on PBS as saying, “We are sick of the bombing, killing, and displacement. [Hamas] is the only party we can affect. Protest won’t stop the occupation, but it can affect Hamas.”
Ahmed Fouad Alkhatib, a Palestinian-American blogger from Gaza and a senior fellow at the Atlantic Council, posted on X that “the massive anti-Hamas, anti-war protests in Gaza are not PLO, PA, or Fatah organized. They are organic, popular-led, and entirely authentic expressions of frustrations, anger, rage, fury, and exhaustion by a people being held hostage by Hamas’s ruthless terrorism & criminality.”
These sentiments could weaken Hamas’s authority and support base, potentially affecting its military and political standing. At an operational level, the protests – and Hamas’s likely need to deal with them – may distract it from fighting Israel, something that could prove beneficial to the IDF.
UNTIL NOW, there has been little international reaction to these events, with governments – both Western and Arab – largely staying silent. However, if the protests continue to grow, certain international actors may begin to leverage them to pressure Hamas or support alternative leadership in Gaza.
The silence of pro-Palestinian protesters abroad struck Alkhatib. He wrote that he came across a “seemingly spontaneously organized ‘pro-Palestine’ protest” in Washington on Thursday.
“I thought, wow, maybe they are out here to support the hundreds of thousands of Gazans who have been demonstrating against Hamas and demanding the end of the terror group’s rule. Instead, these demonstrators were repeating the same old tired slogans and made no mention or reference to Gazans who are putting their lives on the line. The tone-deafness of the protesters was astonishing, almost as if they were deliberately trying to obfuscate what was happening in Gaza.”
Alkhatib wrote that in addition to challenging Hamas, these Gaza protesters were exposing the fraud of the mainstream “pro-Palestine solidarity” movement in the West, “one that only cares about Palestinian lives when they fit a narrow anti-Israel agenda and apply selective outrage but never toward an Islamist fascist terrorist organization that destroyed the Palestinian national project and harmed the Palestinian people. Shame on all who are still silent!”
The protests in Gaza don’t mean Hamas is about to fall – just as similar uprisings elsewhere rarely lead to regime change overnight. But they do challenge long-standing assumptions about the people of Gaza: that they will never stand up to Hamas, and that they have nowhere else to go.
For Israel, that presents both a strategic opening and a challenge. It has already moved to support voluntary relocation. When it comes to the protests, however, restraint is key.
Any Israeli effort to embrace or amplify these demonstrations risks discrediting them. But ignoring them entirely would be a missed opportunity.
The task now is not to co-opt this moment but to understand it, hope it grows, and be ready with constructive plans and ideas if and when it does.
END
ISRAEL HAMAS
Hamas executes suspected spies in Gaza as Israeli strikes on officials ramp up – report
Those “who were proven to be guilty of espionage have already been executed, while investigations are still ongoing with others,” a source said.
By JERUSALEM POST STAFFMARCH 28, 2025 09:29Updated: MARCH 28, 2025 09:35
Hamas has executed individuals it deemed suspects of espionage in areas of the Gaza Strip where officials of the terror group have been targeted, sources within Hamas told Saudi-owned news outlet Asharq Al-Awsat on Friday.
According to the report, the sources, who spoke on the condition of anonymity, noted that the terror group had carried out “revolutionary courts” for such suspects. Those “who were proven to be guilty of espionage have already been executed, while investigations are still ongoing with others,” a source reportedly said.
Since the resumption of fighting on March 18, the IDF has killed 150 terrorists, including 10 top Hamas officials, in widespread strikes on the Gaza Strip, The Jerusalem Post learned.
Among those confirmed killed in an IDF strike were Hamas spokesman Abdel Latif al-Qanou, Issam al-Da’alis, who has served as Hamas’s political Gazan prime minister, Mahmoud Abu Watfa, the director-general of Hamas’s Interior Ministry and related terror forces, Bahjat Abu Sultan, operational chief of Hamas’s internal security apparatus, and Hamas justice minister Ahmed Omar al-Hatta.
Intelligence efforts during ceasefire
According to the report, a source within the terror group noted the impact of the targeted killings: “At the political, military, and governmental levels, and since the escalation of attacks, more stringent security measures have been implemented.”
In addition, sources claimed, “Israel intensified its intelligence efforts during the ceasefire” by various technological means, such as tracking and eavesdropping on individuals.
Furthermore, Hamas’s propaganda parades of the hostages during their release in the framework of the hostage-ceasefire deal allowed Israel to track and monitor officials, the sources added.
Yonah Jeremy Bob contributed to this report.
END
ISRAEL HAMAS
Hamas will not appoint replacement prime minister in Gaza, terror org. says
By JERUSALEM POST STAFFMARCH 28, 2025 03:08
Hamas has decided not to appoint a replacement for Issam al-Da’alis, Hamas’s political Gazan prime minister, who was killed by the IDF last week, a source from the terror group told Qatari-owned Al-Araby on Thursday.
“The decision not to appoint a replacement for Al-Daalis paves the way for the Community Support Committee to take over the management of Gaza Strip affairs,” the source said, adding that “government affairs are currently being managed to monitor only essential services, to prevent a vacuum in light of the war.”
END
ISRAEL HEZBOLLAH
IDF intercepts rocket from Lebanon, Hamas won’t appoint replacement PM
Released hostage shares details of suffering, demands deal • PMO repeats accusation that Ronen Bar ‘cost many lives’ on Oct. 7
Two rockets fired from Lebanon at northern Israel; IDF says one intercepted, one fell short
Strikes reported in southern Lebanon after rocket fire * Fresh US strikes said to hit Yemen * At White House iftar dinner, Trump says US will start ‘filling out Abraham Accords’
IDF strikes Beirut building after two rockets launched at northern Israel
“When Hezbollah, Iran’s terror proxy, fires on Israel, Israel must respond in Tehran,” former prime minister Naftali Bennett wrote.
By JERUSALEM POST STAFFMARCH 28, 2025 07:52Updated: MARCH 28, 2025 15:52
The IDF struck a building in Beirut’s southern suburb of Dahiyeh, the military said on Friday afternoon, after two rockets were fired at Israeli territory from Lebanon earlier in the day.
The IDF said the building was used by Hezbollah to store drones and belonged to Hezbollah’s aerial unit 127.
This was the first heavy bombardment since the ceasefire deal between the two countries was signed in November.
Shortly before the strike, IDF spokesperson in Arabic, Col. Avichay Adraee, issued an evacuation warning for a building in the Dahiyeh.
Before the strike in Beirut, the military said it had attacked Hezbollah targets insouthern Lebanon.
Condemnation of strike
The Lebanese President, Joseph Aoun, told French President Emmanuel Macron that Israel’s attack on Beirut was a continuation of Israeli violations of the ceasefire agreement, Reuters reported. The two were speaking side by side, after the two leaders met at the Elysee palace in Paris to discuss economic reforms and efforts to stabilise the country as a fragile ceasefire with Israel increasingly comes under pressure.
Macron said that Israel’s strikes on Beirut violate the ceasefire and that they are “unacceptable.”
He said that there was no activity justifying Israel’s strikes and that he would call US President Donald Trump and Israeli Prime Minister Benjamin Netanyahu to discuss the attacks.
“The framework agreed upon by Lebanon and Israel was not respected today by Israel unilaterally and without us having either information or proof of the triggering event,” Macron said.
Not upholding the ceasefire is counterproductive for Israel’s security. Israel Is France’s friend and we also have Israel’s security at heart, Macron added.
Aoun said that the Lebanese government is determined to build its army and extend its control over all of Lebanon.
Rockets fired at Israel
At 7:50 a.m., rockets sirens sounded in Kiryat Shmona, Margaliot, Tel Hai, and Misgav Am.
The military said one rocket was intercepted while the other impacted within Lebanese territory.
Hezbollah denied responsibility for the rocket fire.
Israel’s emergency response service, Magen David Adom (MDA), said it had not received reports of injuries.
“If there is no quiet in Kiryat Shmona and the Galilee communities, there will be no quiet in Beirut either,” Defense Minister Israel Katz warned.
He pointed the blame at the Lebanese government, which “bears direct responsibility for any firing toward the Galilee.”
“We will not allow a return to the reality of October 7. We will ensure the security of the residents of the Galilee and respond forcefully to any threat,” he added.
‘Israel must strike Iran’
Former prime minister Naftali Bennett said Israel should strike Iran in response to the rocket fire. “When Hezbollah, Iran’s terror proxy, fires on Israel, Israel must respond in Tehran,” Bennett wrote in a X/Twitter post.
“Only then will Iran understand: you simply don’t fire on the Jewish state.”
This is a developing story.
Reuters contributed to this report.
end
ISRAEL/BEIRUT
Israeli Strikes On Beirut Unleash Panic In First Attacks Since November Truce
Friday, Mar 28, 2025 – 09:05 AM
Israel has conducted airstrikes on the Lebanese capital of Beirut for the first time since the ceasefire with Hezbollah took effect back in November.
Friday’s attack began with a threat and a warning, with the Israeli army telling people to evacuate parts of the southern Beirut suburb of Hadath. Middle East correspondents report a “heavy bombardment” of Beirut, as clearly the ceasefire is effectively dead.
Lebanese President Joseph Aoun confirmed the Israeli attack, calling it a “continuation of Israel’s violation of the agreement sponsored by France and the United States.”
Aoun said “the international community must put an end to these attacks and force Israel to abide by the agreement, just as Lebanon is committed to it.”
All schools and universities in the suburb of Hadath have been ordered closed for the day by the Lebanese government, as residents fled in cars and by foot after the Israeli warning.
Scenes of panic ensued after the Israeli army’s Arabic spokesman said earlier, “To everyone present in the building marked in red as shown on the map and the buildings adjacent to it: You are present near facilities belonging to Hezbollah,” on X,
“For your safety and the safety of your families, you are obliged to evacuate these buildings immediately and stay away from them at a distance of no less than 300 meters, as shown on the map,” the warning notice added.
Israel has claimed Hezbollah has been launching attacks again into northern Israel, and is framing this new aggression on Beirut as retaliation.
Casualties are already being reported in southern Lebanon as well. The Beirut strikes “came as Israel launched a wave of attacks in southern Lebanon on Friday, including a deadly strike on Kfar Tebnit in Nabatieh.” Middle East Eye continues, “The attack killed one person and wounded eight others, including three children, Lebanon’s health ministry said.”
Israel has also said Friday its forces intercepted an inbound rocket from Lebanon, which Hezbollah forces denied firing.
Hezbollah is meanwhile not expected to mount much of a significant defense. As regional war correspondent Elijah Magnier explains, “Hezbollah’s deterrent posture have weakened, allowing Israel to act with increasing freedom along the northern front. Israel is preparing to strike specific targets in Beirut, particularly in the Hadath area.”
“In the coming weeks, it is expected that Israel escalate further—possibly initiating a limited war on Lebanon,” Magnier continued. “The move is tied to Prime Minister Benjamin Netanyahu’s interest in maintaining a state of war to avoid domestic scrutiny and preserve his grip on power.”
end
US deputy Middle East envoy: Lebanese gov’t must eliminate groups firing on Israel
“It’s time for diplomacy between Israel and Lebanon,” Ortagus said.
By JERUSALEM POST STAFFMARCH 28, 2025 21:04
The Lebanese government must eliminate groups that fired rockets at Israel, US deputy Middle East envoy Morgan Ortagus said in an interview with the Saudi al-Hadath channel on Friday, while noting that Israel has the right to respond.
The interview comes following Israel’s strike on Lebanon’s Beirut suburbs, after rockets were launched towards the northern Galilee from Lebanese territory.
ISRAEL HOUTHIS
Houthis Launch More Ballistic Missiles At Tel Aviv Despite Ongoing US Strikes
by Tyler Durden
Thursday, Mar 27, 2025 – 10:10 PM
At a moment Western media has been consumed with ‘Signalgate’ – involving top Trump officials planning and discussing the initial March 15 bombing raid on Yemen and its aftermath via unsecure channels and with a journalist in the group – the Houthis have continued launching missiles directly at Israel, as well as against targets in the Black Sea.
Clearly the Pentagon’s repeat bombing raids on the capital as well as the key port city of Hodeida have done nothing to actually deter the Houthi (Ansarallah) attacks.
On Thursday the group announced another ballistic missile attack. “The missile force targeted Ben Gurion Airport in the occupied Jaffa (Tel Aviv) area with a Zulfiqar ballistic missile, and a military target south of occupied Jaffa with a Palestine-2 hypersonic ballistic missile. The operation successfully achieved its goal,” said a military statement.
The Israeli army confirmed there was an inbound missile, and sirens sounded across central Israel, sending tens of thousands into emergency shelters.
The IDF military said, “following the sirens that sounded a short while ago in several areas in Israel, two missiles launched from Yemen were intercepted prior to crossing into Israeli territory,” adding that “sirens were sounded in accordance with protocol.”
Israeli anti-air defense systems were active during the attack. The IDF has said at least two projectiles coming from the south were intercepted in the morning hours.
The Houthis further on Thursday said they’ve “targeted hostile warships in the Red Sea, including the American aircraft carrier (USS Harry S) Truman,” which he said was “in retaliation to the ongoing US aggression against our country.”
Below: two ballistic missiles are launched from Yemen Israeli media says they were intercepted, with no injuries reported.
The Truman has been targeted several times over the past nearly two weeks. However, the Pentagon has given no indication it has ever been hit, or come even close to it – but details have been scant.
Meanwhile US airstrikes on Yemen have been ongoing:
Earlier Thursday, the rebels said two people had been killed in overnight air strikes near the rebel-controlled capital Sanaa that they blamed on the United States.
The Huthis’ Al-Masirah TV channel reported nearly 20 strikes on Sanaa governorate, both north and south of the capital.
“The American aggression killed two and injured two,” the Huthi-run health ministry’s spokesman Anis al-Asbahi said on social media platform X.
Clearly at this point forces under US Central Command (CENTCOM) are in an active state of war in Yemen and the Red Sea.
And yet, there’s still been no war authorization from Congress – or so much as a public debate. A tiny handful of Congressional leaders have called the US administration out on this, especially Kentucky Rep. Thomas Massie. The US airstrikes also appear to be more about defending Israel, and less about immediate US national security interests.
END
HOUTHIS
Trump Says He Will Continue Bombing Yemen For A ‘Long Time’
Friday, Mar 28, 2025 – 02:00 PM
Authored by Dave DeCamp via AntiWar.com,
President Trump on Wednesday claimed that the US’s daily airstrikes on Yemen have been “very successful” and vowed the bombing campaign would continue for a “long time.”
The US started bombing Yemen again on March 15 in response to the Houthis, officially known as Ansar Allah, announcing they would reimpose a blockade on Israeli shipping due to Israeli ceasefire violations in Gaza.
Since the Trump administration launched the bombing campaign, the Houthis have restarted attacks on US warships and resumed firing missiles at Israel, operations they ceased when the Gaza ceasefire went into effect on January 19. Despite this, President Trump claims the Houthis want “peace.”
“The Houthis are looking to do something. They want to know, ‘How do we stop? How do we stop? How can we have peace?’ The Houthis want peace because they’re getting the hell knocked out of them,” Trump told reporters in the Oval Office.
“They want us to stop so badly… They’ve got to say, ‘No mas.’ But I can only say that the attacks every day, every night… have been very successful beyond our wildest expectations… We’re going to do it for a long time. We can keep it going for a long time,” the president said.
The Houthis’ message has been that they will meet “escalation with escalation” and that their attacks won’t stop unless there is a ceasefire in Gaza and an end to the Israeli blockade on aid and all other goods entering the Palestinian territory.
“The Yemeni Armed Forces affirm that the American aggression will only increase the Yemenis’ steadfastness and resilience, and that the confrontations over the last few days were only the beginning of what will be a gradual expansion of defensive operations in the coming days,” Houthi military spokesman Yahya Saree said on Thursday when announcing new attacks on US warships and on Israel.
Trump also claimed that the Houthis are being “hit harder than they have ever been.” But from 2015 to 2022, the Houthis faced a brutal US-backed Saudi-UAE war against them, which involved a heavy bombing campaign, a blockade, and a ground campaign. Trump supported the war during his first term in office and vetoed a War Powers Resolution passed by Congress that would have ended US involvement in the conflict.
Trump said that President Biden should have attacked the Houthis, disregarding the fact that the Biden administration launched a bombing campaign on Yemen from January 2024 to January 2025. The message from the Trump administration has been that Biden didn’t hit Yemen hard enough, and Trump’s bombing campaign has been far more intense.
The Trump administration’s bombing campaign has taken a heavy toll on civilians, with at least 25 killed in just the first week, according to the Yemen Data Project. The leaked Signal chat that caused controversy this week revealed that top US officials celebrated the flattening of a residential building in Yemen, where National Security Advisor Mike Waltz claimed the Houthis’ “top missile guy” was located.
END
SYRIA
Sanctioned Syrian Population Desperately Trying To Access Oil & Gas
Thursday, Mar 27, 2025 – 11:00 PM
Syria’s severe power shortages have continued throughout the country, also as many towns and cities remain largely destroyed following well over a decade of war. Rebuilding seems nowhere on the horizon as access to global investment and materials has been blocked by Washington.
The post-Assad Hayat Tahrir al-Sham government under Jolani (former AQ/ISIS commander) has just announced a tender to purchase around 7 million barrels of light crude oil, according to a fresh petroleum ministry statement.
The purchase of 7 million barrels of light crude oil is to supply to the Baniyas refinery, Syrian media has specified.
Further, this week has seen limited efforts the ease the population’s ongoing petrol woes. State-run SANA announced Tuesday, for example, that ship carrying 5,600 tons of gasoline arrived at the oil terminal of the Syrian Oil Transport Company Syrian Petroleum in Baniyas.
The last several years, as US sanctions have tightened, have seen long lines at gas stations and people having to ration fuel.
Additionally, cities and households have had to endure the majority of the day with no electricity. Often this is merely an hour of power to homes a day, but there are reports that Damascus this month has improved to several hours of electricity daily.
This bettered energy situation in the capital may be the first fruits of a deal which was struck with Qatar two weeks ago. “Qatar will provide natural gas supplies to Syria with the aim of generating 400 megawatts of electricity a day, in a measure to help address the war-battered country’s severe electricity shortages,” as quoted in SANA.
“Syria’s interim Minister of Electricity Omar Shaqrouq said the Qatari supplies are expected to increase the daily state-provided electricity supply from two to four hours per day,” AP also reported.
“Under the deal, Qatar will send 2 million cubic meters of natural gas a day to the Deir Ali power station, south of Damascus, via a pipeline passing through Jordan,” the report indicated.
It’s still unclear what future fate awaits the oil and gas fields of Syria’s northeast Deir Ezzor and Hasakah regions. US troops and their proxies – the Syrian Democratic Forces – still occupy these. Pre-occupation Syria drew enough resources from these fields in order to supply domestic needs.
US sanctions have all the while sought to cut off the flow of Iranian or Russian oil to the country. For now Trump appears willing to keep the sanctions in place, even with Assad gone.
END
RUSSIA VS UKRAINE
Putin’s new proposal to govern Ukraine: looks good!
(zerohedge)
Putin Floats Plan For UN To Govern Ukraine Until Elections Held
by Tyler Durden
Friday, Mar 28, 2025 – 02:20 PM
Amid weeks of peace talks between the US and Russia focused on Ukraine, but which largely haven’t gotten anywhere (other than an energy ceasefire which quickly appeared to be broken), President Putin has presented a big-picture idea which could result in ceasefire.
The Russian leader on Friday proposed a “transitional administration” for Ukraine under the auspices of the UN. The immediate aim would be ceasefire leading toward “democratic” election, followed by the negotiation of a peace agreement with the new authorities.
“We could, of course, discuss with the United States, even with European countries, and of course with our partners and friends, under the auspices of the UN, the possibility of establishing a transitional administration in Ukraine,” Putin said while visiting the northwestern Russian city of Murmansk.
He laid out that “we could discuss the possibility of introduction of temporary governance in Ukraine,” while Ukraine holds “democratic elections, to bring to power a capable government that enjoys the trust of the people.”
After this, he explained, the two warring sides would “start talks with them about a peace treaty.” Putin has in the recent past complained that Zelensky is ‘illegitimate’ and thus can’t legally be negotiated with, since he has canceled democratic elections on an indefinite basis.
As examples of where a temporary UN governance scheme has been implemented before, Putin held out “several cases of what is called external government,” in East Timor, Papua New Guinea, and parts of the former Yugoslavia.
But anonymous Trump admin officials quickly dismissed the idea, for example with NBC reporting that the White House has “dismissed Russian President Vladimir Putin’s suggestion that peace talks in Ukraine should depend on the country being governed by the United Nations while new elections are held.”
And Reuters has cited a White House national security spokesperson who dismissed Putin’s proposal, saying that “Ukraine’s government was determined by its constitution and citizens.”
The Ukrainian government did not immediately respond to Putin’s plan, but will no doubt reject it based on maintaining sovereignty, and given Zelensky has not relented on demands for a new election, nor has he ordered his forces to retreat.
“That’s just one of the potential options.”
Putin in the fresh remarks where he floated the UN-administration plan had some other interesting comments, directed specifically at his US counterpart Donald Trump:
Putin also praised US President Donald Trump, saying, “In my opinion, the newly elected president of the United States sincerely wants an end to the conflict for a number of reasons.”
He stressed that Moscow favored “peaceful solutions to any conflict, including this one, through peaceful means, but not at our expense.”
Putin also praised Russian troops for “holding the strategic initiative” throughout the war. “There are reasons to believe that we will finish them off,” he said, adding that “the Ukrainian people themselves should understand what is happening.”
As for the war, drones have continued to fly across the border in both directions on a nightly basis. Even though a ‘partial ceasefire’ is supposed to be on – protecting both countries’ energy infrastructure – it doesn’t look as if this is actually sticking.
Moscow has on repeat occasions this week accused Kiev of attack its energy sites. Simultaneously, Russian missiles have rained down on Ukrainian cities.
GLOBAL ISSUES//COVID ISSUES/VACCINE ISSUES/HEALTH ISSUE
“This Is Existential”: Billionaire Cancer Researcher Says Covid & Vaccine Likely Causing Surge In Aggressive Cancers
by Tyler Durden
Thursday, Mar 27, 2025 – 06:00 PM
Dr. Patrick Soon-Shiong – a transplant surgeon-turned-biotech billionaire renowned for inventing the cancer drug Abraxane – has issued a startling warning in a new in-depth interview with Tucker Carlson.
Soon-Shiong, founder of ImmunityBio ($IBRX) and owner of the Los Angeles Times, claims that the COVID-19 pandemic, and the very vaccines developed to fight it, may be contributing to a global surge in “terrifyingly aggressive” cancers. In the nearly two-hour conversation, the Los Angeles Times owner leveraged his decades of clinical and scientific experience to outline why he suspects an unprecedented cancer epidemic is unfolding. This report examines Dr. Soon-Shiong’s background and assertions, the scientific responses for and against his claims, new data on post-COVID health trends, and the far-reaching implications if his alarming hypothesis proves true.
Dr. Soon-Shiong’s Claims
Soon-Shiong is a veteran surgeon and immunologist who has spent a career studying the human immune system’s fight against cancer. He pioneered novel immunotherapies and even worked on a T-cell based COVID vaccine booster during the pandemic. In the interview, he draws on this background to voice deep concern over rising cancer cases, especially among younger people – something he describes as a “non-infectious pandemic” of cancer. He tells Carlson that in 50 years of medical practice, it was extraordinarily rare to see cancers like pancreatic tumors in children or young adults, yet recently such cases are appearing. For instance, Soon-Shiong was alarmed by seeing a 13-year-old with metastatic pancreatic cancer, a scenario virtually unheard of in his prior experience.
“I never saw pancreatic cancer in children… the greatest surprise to me was a 13-year-old with metastatic pancreatic cancer,” Soon-Shiong told Carlson, adding that he’s seen examples of very young patients (even children under 11 with colon cancer) and unusual surges in aggressive diseases like ovarian cancer in women in their 30s. These personal observations of more frequent, aggressive cancers in youth led him to probe what might have changed in recent years.
“We’re clearly seeing an increase in certain types of cancer, like pancreatic cancer, ovarian cancer… colon cancer… in younger people.”
— Dr. Patrick Soon-Shiong
According Soon-Shiong, the COVID era is the obvious change – and suggests that both the SARS-CoV-2 virus infection and the widespread vaccination campaigns could be key drivers behind this cancer spike. He emphasizes the massive scale of human exposure to the virus and its spike protein (via infection or vaccination).
“I don’t know how to say that without saying it. It scares the pants off me because I think what we may be, I don’ think it’s virus versus man now, this is existential. I think when I talk about the largest non-infectious pandemic that we’re afraid of, this is it.”
“Billions of people – literally billions – had the COVID virus. Over a billion got the spike protein vaccine,” said Carlson, adding “So that’s like, we’re talking like a huge percentage of the Earth’s population, unless I’m missing something.”
“Now you understand what keeps you awake at night and kept me awake at night for two years, two and a half years,” Soon-Shiong replied, suggesting that exposure to both is silently undermining the immune system’s natural defenses against cancer on a global scale.
Soon-Shiong frames COVID-era cancers as potentially virally triggered or exacerbated. In the interview, he described cases of “virally induced cancers” in clinics during the pandemic – patients whose cancers may have been kicked into overdrive by the cascade of inflammation and immune stress associated with COVID-19 (Dr. Patrick Soon-Shiong: You’re Being Lied to About Cancer, How It’s Caused, and How to Stop It). COVID infection causes a massive inflammatory response, and some cancers are known to exploit inflammation to grow.
TUCKER: “a lot people have pointed to both COVID, the virus, and to the mRNA COVID vaccines as potential causes. Do you think that they’re related?“
SOON-SHIONG: “The best way for me to answer that is to look at history. What we know about virally-induced cancers is well-established. We know that if you get hepatitis, you get liver cancer. Hepatitis is a virus infection. We know if you got human papillomavirus, HPV, you get cervical cancer.”
We know that certain viruses directly cause cancer (e.g. HPV, Epstein-Barr), so it’s not unprecedented for a virus to play a role in oncogenesis. While SARS-CoV-2 is not a known oncovirus, Soon-Shiong worries its indirect effects – chronic inflammation, immune exhaustion, or “suppressor cells” that emerge in the wake of infection/vaccination – could be accelerating tumor development. “The answer is to stop the inflammation…clear the virus from the body,” he argues, positing that until we eradicate lingering virus and restore immune balance, we may see mounting cancer cases.
* * *
Fight inflammation with IQ Biologix (super potent) Ultra Turmeric
In sum, Dr. Soon-Shiong’s claim is that the pandemic has set the stage for an explosion of aggressive cancers: the COVID virus itself (especially if it persists in survivors) might suppress immune surveillance, and the mRNA vaccines “that didn’t stop it” might inadvertently contribute to an immunosuppressive environment. These effects, in his theory, could be unleashing cancers that the immune system would ordinarily have kept in check.
Watch:
A number of clinicians and researchers have reported similar worrying observations, though these remain largely anecdotal at this stage. One prominent voice echoing Soon-Shiong’s concern is Dr. Angus Dalgleish, a veteran oncologist and professor at St. George’s, University of London. In late 2022, Dalgleish wrote to the BMJ’s editor after noticing that some cancer patients who had been stable for years experienced “rapid progression of their disease after a COVID-19 booster.” He cited cases of individuals who were doing well until shortly after vaccination – new leukemias, sudden appearance of Stage IV lymphomas, and explosive metastases in patients who had post-vaccine bouts of feeling unwell.
“I am experienced enough to know that these are not coincidental,” Dalgleish wrote, noting that colleagues in Germany, Australia and the U.S. were independently seeing the same pattern. This frontline testimony aligns with Soon-Shiong’s fear: something about the immune system post-vaccination might be removing restraints on latent cancers. Dalgleish specifically pointed to short-term innate immune suppression after mRNA vaccination (lasting for several weeks) as a plausible mechanism. Many of the cancers he saw were ones normally held in check by immune surveillance (melanomas and B-cell cancers), so a temporary post-vaccine drop in immune vigilance could allow a tumor growth spurt. He also alluded to “suppressor gene suppression by mRNA in laboratory experiments” – a reference to preliminary studies that found the SARS-CoV-2 spike protein might interfere with key DNA repair or tumor-suppressor proteins in cells. These lab findings (while not yet confirmed in living organisms) lend some biological plausibility to the idea that spike exposure could affect cancer-related pathways.
Beyond individual doctors, some research is probing links between COVID and cancer behavior. For example, a 2022 study in Frontiers in Oncology explored how SARS-CoV-2 proteins interact with cancer cells. It found that the virus’s membrane (M) protein can “induce the mobility, proliferation and in vivo metastasis” of triple-negative breast cancer cells in the lab (Frontiers | SARS-CoV-2 M Protein Facilitates Malignant Transformation of Breast Cancer Cells). In co-culture experiments, breast cancer cells exposed to the viral protein essentially became more aggressive and invasive. The researchers concluded that COVID-19 infection “might promote…aggressive [cancer] phenotypes” and warned that cancer patients who get COVID could face worse outcomes.
While this is one specific context (breast cancer cells and one viral protein), it underpins Soon-Shiong’s general concern: the virus can directly alter the tumor microenvironment to the cancer’s advantage.
Another line of evidence involves latent viruses and inflammation. Doctors have documented unusual reactivations of viruses like Epstein-Barr (which is linked to lymphomas and other malignancies) during both COVID-19 and post-vaccine immune reactions. Such reactivations hint at a period of immune dysregulation that might also let nascent cancer cells slip past defenses.
Or course,fact-checkers and medical authorities argue that there is no credible evidence of vaccines causing meaningful immune suppression. “There isn’t evidence to date that COVID-19 vaccines cause cancer or lead to worsening cancer,” one infectious disease expert told FactCheck.org, though they do acknowledge rare side effects like myocarditis or blood clots were found, but not cancer.
Phinance Data Insights: Post-COVID Health Trends
While the scientific community debates mechanistic links between COVID and cancer, independent analysts have been parsing population-level data for unusual patterns. One notable effort is by Phinance Technologies, a research firm co-founded by former BlackRock portfolio manager Edward Dowd. Phinance has been analyzing excess mortality and disability data since the pandemic, looking for signals of broad health impacts in the aftermath of COVID and mass vaccination. Their findings reveal concerning trends, especially among younger, working-age populations, that lend some weight to Dr. Soon-Shiong’s general warning of a post-COVID health crisis (though not specific to cancer alone).
Phinance’s “Vaccine Damage Project” examined the U.S. population aged 16–64 (essentially the workforce) and stratified outcomes into four groups: no effect, mild injuries, severe injuries (disabilities), and death. Using official government databases (the CDC, Bureau of Labor Statistics, etc.), they estimated how each category changed starting in 2021 – when vaccines rolled out and COVID became widespread. The results are sobering. According to Phinance’s analysis, by the end of 2022 the U.S. had experienced approximately 310,000 excess deaths among adults aged 25-64 (a ~23% increase in mortality in that group over normal expectations). Notably, they argue that after mid-2021, with vaccines available and the virus itself becoming less deadly (due to immunity and milder variants), COVID-19 should not have been causing such high excess death rates. Therefore, those 310k “unexplained” deaths in 2021–2022 could represent an upper bound on vaccine-related fatalities or other pandemic collateral damage.
Even more striking is the data on new disabilities. Phinance found that from early 2021 through late 2022, about 1.36 million additional Americans (age 16–64) became disabled – a 24.6% rise in disability in that cohort, far above historical trend. This jump in disabilities among the workforce correlates in time with the vaccine rollout (and was disproportionately higher in the labor force than among those not working). The analysts note that the healthiest segment of the population (employed working-age adults) saw a greater relative increase in disabilities after Q1 2021 than the older or non-working groups. This is unusual, since typically health shocks hit the elderly hardest – but here something was impacting younger, healthy people to a significant degree. Phinance investigated further and found a tight relationship between the cumulative number of vaccine doses administered and the rise in disabilities in 2021-22. In fact, for the 16–64 population, they computed a ratio of about 4 new disabilities per excess death in that period, suggesting many survivors were left with lingering health issues even if they didn’t die.
END
For those who got the jab, then CANCER, check out the alternative treatments offered here by righteous doctors
For dealing with the REAL pandemic of “vaccine”-induced cancers, these protocols are promising—”safe and effective” for REAL (and affordable to boot)
| Mark Crispin MillerMar 27 |
Throughout these 4+ years, “our free press” has used various propaganda tactics to obscure the skyrocketing cancer rate worldwide, along with an unprecedented plague of “sudden deaths,” and a global spike in “rare” diseases, as well as appendicitis, psoriasis and other ills, the vast majority directly traceable to COVID “vaccination.”
I’m working on an overview of all those tactics; but here I want to focus on cancer—specifically, the ongoing (real) pandemic of “turbo-cancers,” which often kill the afflicted mere weeks after diagnosis, and resist the usual treatments (which are often lethal in themselves).
In order to confuse this urgent issue, “our free press” often breathlessly headlines new “discoveries” of reasons why the cancer rates are climbing everywhere, most notably among the young—stories that conspicuously fail to mention “vaccination,” while giving the misimpression that “the science” is all over this grave problem, and will surely find a “cure” (most likely a “vaccine”). This tactic—a grotesque form of PR—depends on the canard that doctors and their hospitals are all about our welfare, not their profits.
Here I want to offer some protocols quite different from the toxic radiation therapies, incapacitating chemicals and radical surgeries on offer by the cancer-industrial complex. Based on findings by Drs. Pierre Kory, Peter McCullough and William Makis, these protocols have proven quite effective, unlike the crippling and inordinately costly cancer treatments offered hitherto. Having been recording countless cancer deaths each week since early 2022, I think it’s now past time to counter all the grim news, and the cancer plague itself, with genuinely promising alternatives:
From Dr. Pierre Kory:
Pierre Kory’s Medical Musings
Cancer Part 1 – The History Of My Newfound Interest In Treating Cancer
In Part 1 of this series on cancer, I gave a brief overview of the current situation in oncology which is that the prevailing consensus theory as to the cause of cancer is… wrong. Here I discuss how I came to understand that fact (note I include a self narrated audio version of this post for those who prefer to listen than read…
7 months ago · 430 likes · 72 comments · Pierre Kory, MD, MPA
Pierre Kory’s Medical Musings
The Prevailing Scientific Theory of Cancer Has Been Overturned
The prevailing theory that cancer is a genetic disease caused by mutations in our chromosomal DNA (called the “Somatic Mutation Theory” or SMT) has predominated for over 70 years. This theory has directed the near entirety of basic science research, drug development efforts, and treatment approaches. The now established lack of scientific validity, which I will attempt to demonstrate in this series, largely explains why advances in treatment and cancer survival have been so dismal over the decades, even in the more recent era of “targeted therapies…
7 months ago · 1020 likes · 154 comments · Pierre Kory, MD, MPA
Pierre Kory’s Medical Musings
The Evolution And Validation Of The Metabolic Theory Of Cancer
In my last post of this series on cancer, I summarized the history of the scientific discoveries which led to the current consensus theory on the cause of cancer which is called the Somatic Mutation Theory (SMT). I concluded by presenting evidence from the Human Genome Project and The Cancer Genome Atlas Project that emerged in the last 15 years which paradoxically, instead of confirming its validityy, instead contradicted it…
5 months ago · 334 likes · 67 comments · Pierre Kory, MD, MPA
Pierre Kory’s Medical Musings
The Scientific Basis For The Somatic Mutation Theory Of Cancer Is Invalid
In this post, I plan to, as succinctly and simply as possible, introduce the two competing theories regarding the origin of cancer and then go through the evidence for the current “consensus” theory which is called the Somatic Mutation Theory or SMT. The competing theory, called the Metabolic Theory of Cancer (MTOC) will be further detailed and explained in my next post in this series…
7 months ago · 358 likes · 81 comments · Pierre Kory, MD, MPA
Pierre Kory’s Medical Musings
The History And Evolution Of The Somatic Mutation Theory – Cancer Series Part 2
In this post, I plan to, as succinctly and simply as possible, introduce the two competing theories regarding the origin of cancer and then go through the evidence for the current “consensus” theory which is called the Somatic Mutation Theory or SMT. The competing theory, called the Metabolic Theory of Cancer (MTOC) will be summarized in my next post in this series…
7 months ago · 55 likes · 9 comments · Pierre Kory, MD, MPA
From Dr. Peter McCullough:
Canary In a Covid World
Guest Post by Dr. Peter McCullough: Detoxing the Spike – A Path Forward After COVID and Vaccines
Many people have asked us about spike protein detox protocols, and we thought we’d go to the best source we know for an update: Dr. Peter McCullough…
2 days ago · 43 likes · 6 comments · Canary In a Covid World
From Brucha Weisberger, based on the work of Dr. William Makis:
In G-d’s Army There’s Only Truth
BS”D Introduction…
MARK CRISPIN MILLER
DR PAUL ALEXANDER
Fwd: It’s on now, Ontario Premier Doug ‘big stones’ Ford throws down on Trump’s 25% tariff on cars, matching Trump’s bi…
to ‘inflict as much pain as possible’ on Americans” “Ford calls for inflicting ‘as much pain as possible’ on U.S. after Trump tariff announcement” Ford: “All he’s doing is hurting the American people”
| Dr. Paul AlexanderMar 27 |
I am hoping calmer heads prevail and Canada and US etc. can come to the table to thrash this out. Tariffs are taxes on the people.
:: Doug Ford/Ontario Premier
“I can assure you one thing, we are going to make sure that we inflict as much pain as possible to the American people, without inflicting pain on the Canadian population. And that’s the reason we’ve done two rounds, 30 billion and 30 billion. And the last 65 billion, it will hurt. I’ll be very, very frank, but I’ve talked to a tremendous amount of people going to events and I’m very transparent by saying: we have two options here. We either roll over as a country, he runs us over 15 times and gets what he wants or we feel a little bit of pain and we fight like we’ve never fought before.”
The retaliation will be catastrophic. Trump will respond and I suspect this summer will be difficult for all of us financially.
END
SLAY NEWS
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| The latest reports from Slay NewsTop Oncologist Sounds Alarm on ‘Global Epidemic of Terrifyingly Aggressive Cancers’One of the world’s leading oncologists is sounding the alarm after linking the “global epidemic of terrifyingly aggressive cancers” to the spike protein from Covid mRNA “vaccines.”READ MORETrump Ends Taxpayer Funding of Bill Gates’ Vaccine Organization GAVIPresident Donald Trump has ended the program that allows billions of dollars in taxpayer money to be funneled into GAVI, the vaccine organization founded and funded by billionaire Bill Gates.READ MORESuspect Arrested for Murder of California Fire Captain Who Battled LA WildfiresAuthorities have finally arrested the suspect wanted for the murder of a beloved California fire captain who was brutally stabbed to death last month.READ MORESamsung CEO Han Jong-hee Dies Suddenly of Cardiac ArrestSamsung CEO Han Jong-hee has reportedly “dropped dead” after suffering a sudden cardiac arrest.READ MOREMichelle Obama Declares Presidential Run ‘Unthinkable’: ‘The Answer Is No’Former First Lady Michelle Obama has declared that the idea of her running for president is “unthinkable.”READ MORENASA’s New Direction Prompts Termination of $420 Million in ContractsThe National Aeronautics and Space Administration (NASA) has made a bold move by terminating $420 million in contracts as the agency takes a new direction.READ MOREMaxine Waters Melts Down, Floats Plan to Deport Melania TrumpDemocrat Rep. Maxine Waters (D-CA) proposed a bizarre attack against President Donald Trump during a rant about Elon Musk and the Department of Government Efficiency (DOGE).READ MOREBernie Sanders Caught Funneling Huge Payments to StepsonSenator Bernie Sanders (I-VT) has come under fire after financial records exposed huge payments he has been funneling to his stepson, David Driscoll.READ MOREJ.D Vance to Visit Greenland with Wife UshaVice President J.D. Vance will travel to Greenland to visit the Arctic island with his wife Usha this week.READ MOREDisabled Tesla Owner Targeted by Leftist in Vandalism AttackA disabled Tesla owner has revealed that an anti-Elon Musk leftist caused $7,000 worth of damage to her electric vehicle when she was targeted in a vandalism attack.READ MOREMTG Shreds NPR CEO Over Far-Left Views During DOGE Subcommittee HearingRep. Marjorie Taylor Greene (R-GA) shredded NPR’s “woke” CEO Katherine Maher during a fiery hearing on Capitol Hill.READ MORETrump Slams ‘Very Low IQ’ Democrat Jasmine Crockett for Mocking Gov Abbott’s Disability: ‘She’s a Lowlife’President Donald Trump has fired back at “lowlife” Democrat Rep. Jasmine Crockett (D-TX) after she mocked the disability of wheelchair-bound Texas Governor Greg Abbott.READ MOREHouse Democrats Demand Release of Pro-Hamas Agitator Facing Deportation: ‘Free Mahmoud Khalil!’House Democrats are demanding that President Donald Trump’s administration release a pro-Hamas agitator who led anti-Israel protests at Columbia University.READ MORE |
NEWS ADDICTS
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| LATEST REPORTS FOR NEWS JUNKIESSecret CIA Files ‘Reveal Location of the Ten Commandments’The location of a chest believed to contain the Ten Commandments has long been a mystery, but CIA documents claims the Ark of the Covenant has been found.According to the Bible, the Ark of the Covenant was built by the Israelites shortly after they fled Egypt around the 13th century BC. Moses then placed the Ten Commandments inside.The CIA conducted …READ THE FULL REPORTCalifornia Has a Strong Chance to Flip Red in 2026, Poll FindsA new poll released earlier this week found that nearly half of California voters would consider voting for a Republican gubernatorial candidate when current Governor Gavin Newsom terms out in 2026.The poll, which surveyed 700 likely voters between March 6 and 9, was conducted by David Wolfson, a national Pollster, and Faculty Lecturer at Columbia University’s Political Analytics Graduate Program …READ THE FULL REPORTTrump Announces Tariffs on Car ImportsOn Wednesday, President Donald Trump announced from the Oval Office that there will be 25 percent tariffs on all cars not made in the United States.In a move he called “very modest,” the president announced that “what we’re going to be doing is a 25 percent tariff on all cars that are not made in the United States.” He made …READ THE FULL REPORTOprah Winfrey Subpoenaed in Ongoing Drama Over Defamation Case Regarding Sex-Assault ClaimsAlready one of the most famous people in the world, philanthropist and television personality Oprah Winfrey is now dealing with more notoriety than she’d prefer.And it’s all got to do with a shocking defamation case alleging rape.As the New York Post’s Page Six laid out in an exclusive scoop, Winfrey has been subpoenaed in the highly publicized defamation trial involving …READ THE FULL REPORTWatch: Noem Comes Face-to-Face with Gang Members During Tour of Notorious PrisonHomeland Security Secretary Kristi Noem toured El Salvador’s notorious Terrorism Confinement Center on Wednesday, where hundreds of alleged criminal illegal aliens are being held after the Trump administration deported them earlier this month. Noem toured the prison with the Salvadoran Minister of Justice, Héctor Gustavo Villatoro, before meeting with El Salvadoran President Nayib Bukele. Noem’s visit is part of a …READ THE FULL REPORT |
EVOL NEWS
| TEST NEWS: |
| Report Reveals Kamala Harris’ Reaction When She Realized Trump Was Going to Defeat Her – EVOL |
| Read more… |
MICHAEL EVERY/PHIL MAREY/OR OTHER EXECS //RABOBANK
7.OIL AND NATURAL GAS ISSUES/GLOBAL/ENERGY/
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES/
CANADA/USA
Watch: Carney Says Nothing Off Table As “Era Of Close Ties With US Is Over”, But Delays Tariff Retaliation
Thursday, Mar 27, 2025 – 06:20 PM
Canadian Prime Minister Mark Carney gave a blistering speech on Thursday, declaring that the era of deep economic, security and military ties with the United States “is over,” after President Donald Trump announced steep auto tariffs of 25% on imports into the United States – which could affect an estimated 500,000 jobs in the Canadian auto industry.
“We will fight the U.S. tariffs with retaliatory trade actions of our own that will have maximum impact in the United States and minimum impacts here in Canada,” Carney said during a press conference that took him off the campaign trail ahead of the country’s April 28 general election, adding that “Nothing is off the table to defend our workers and our country.“
One option would be for Canada to impose excise duties on exports of oil, potash and other commodities – however the Canadian government says they will delay any sort of announcement until they see what the Trump administration does on April 2, Carney told reporters.
Carney called Trump’s auto tariffs “unjustified” and said they were in breach of existing trade deals, while also warning Candians that Trump had permanently altered relations to the point that regardless of any future deals, there would be “no turning back.”
“The old relationship we had with the United States based on deepening integration of our economies and tight security and military cooperation is over,” he said, adding that Canada’s response to the tariffs “is to fight, is to protect, is to build.”
“We will fight the US tariffs with retaliatory trade actions of our own that will have maximum impact in the United States and minimum impacts here in Canada,” Carney added.
Meanwhile, Ontario Premier Doug Ford spoke with US Commerce Secretary Howard Lutnick, and said Lutnick confirmed to him that Canada won’t be hit with an ‘immediate’ tariff, and that finished vehicles with US parts will face a rate lower than 25%. A car with US parts would instead be subject to a tariff of 12.5%.
Ford told reporters Lutnick did not give him any assurances there would be any easing or softening of the tariffs.
When Ford was asked whether Lutnick knows what Trump is planning to announce April 2, he said. “I think he has an idea.” Then the premier added: “Or maybe he doesn’t. That’s even scarier if he doesn’t. So let’s see what they come forward with on April 2, but we’re prepared, we’re ready.” –Bloomberg
“Americans need us. I told him,” said Ford of his call with Lutnick, adding that he’s “not sure” if the Trump administration fully understands the North American vehicle supply chain.
“They don’t have the people down there to fill the jobs.”
The White house, meanwhile, has reached out to schedule a call with Carney, which he says should happen in the “next day or two,” but that while he’ll talk to Trump – he will not participate in substantive trade negotiations with Washington until Trump shows Canada “respect,” which would include cutting out Trump’s repeated threats to annex Canada as America’s 51st state.
“For me, there are two conditions, not necessarily for a call, but a negotiation with the United States. First Respect, respect for our sovereignty as a country… apparently it’s a lot for him,” Carney said, adding “There has to be comprehensive discussion between the two of us, including with respect to our economy and our security.”
end
CANADA /USA
GATEWAY PUNDIT
This is huge collapse
(special thanks to Robert H for sending this to us)
U.S.-Canada Flight Bookings Have Totally Collapsed amid Ongoing Trade War — Down by Over 75 Percent!
BY KEW/GATEWAY PUNDIT
Bookings for commercial flights between the U.S. and Canada have absolutely collapsed amid rising tensions between the two countries.
Amid the imposition of tariffs on Canadian goods and Trump’s desire to make Canada the 51st state, the number of bookings hs fallen by a staggering 75.7 percent.
One Mile at a Time, a news outlet that covers trends in the travel industry, has all the details:
Aviation analytics company OAG has published some data on the decline in flight bookings between the countries, and it’s worse than most people probably imagined. Specifically, the company compared summer season bookings in March 2024 vs. March 2025.
In other words, at this point in both years, how many people have booked transborder flights in April through September?
Well, I hope you’re sitting down. For that six month period, the number of tickets booked is down anywhere from 71.4% to 75.7%. Just as an example, April is less than a week away, and here’s how bookings between the two countries are looking:
- In March 2024, 1,218,570 tickets had been booked for April 2024
- In March 2025, 295,982 tickets have been booked for April 2025
- That represents a 75.7% reduction in tickets booked.
The report also notes airlines have already reduced the number of scheduled flights 3.5 percent,adding that this “level of demand shift is something you almost never see.”
Yet should this trend continue, airlines will need to make radical overhauls to their flight schedules to align with the massive fall in demand.
Historically, the two countries have enjoyed one of the busiest air corridors in the world, with millions of travelers moving for business, tourism, and family visits.
While relations between Canada and the U.S. may currently be at their lowest point in years, that could soon change if the Conservative Party of Canada triumphs at next month’s general election.
The Conservative Party leader, Pierre Poilievre, is far more ideologically aligned with the Trump administration than Liberal Party leader Mark Carney, who only recently took over from the long-standing Prime Minister Justin Trudeau.
However, the likelihood of this happening has fallen in recent months as the commanding lead that Poilievre once had in the polls has diminished.
Carney, meanwhile, is warning that he needs “clear mandate” to push back against the Trump, arguing that his administration “wants to break us so America will own us.
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS FRIDAY MORNING 6;30AM//OPENING AND CLOSING
EURO/USA: 1.07720 DOWN 29 BASIS POINTS
USA/ YEN 150.83 DOWN 0.017 NOW TARGETS INTEREST RATE AT 1.00% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//END OF YEN CARRY TRADE BEGINS AGAIN OCT 2024/Bank of Japan raises rates by .15% to 1.15..UEDA ENDS HIKING RATES AND NOW CARRY TRADES RE INVENTS ITSELF//
GBP/USA 1.2926 DOWN 0.0025 OR 25 BASIS PTS
USA/CAN DOLLAR: 1.4324 UP 0.0018 (CDN DOLLAR DOWN 18 BASIS PTS)
Last night Shanghai COMPOSITE CLOSED DOWN 22.44 PTS OR 0.67%
Hang Seng CLOSED DOWN 152.20 PTS OR 0.65%
AUSTRALIA CLOSED UP 0.12%
// EUROPEAN BOURSE: MOSTLY ALL RED EXCEPT LONDON
Trading from Europe and ASIA
I) EUROPEAN BOURSES: MOSTLY ALL RED EXCEPT LONDON
2/ CHINESE BOURSES / :Hang SENG CLOSED DOWN 152.20 PTS OR 0.65%
/SHANGHAI CLOSED DOWN 22.44 PTS OR 0.67%
AUSTRALIA BOURSE CLOSED UP 0.12%
(Nikkei (Japan) CLOSED DOWN 679.64 PTS OR 1.80%
INDIA’S SENSEX IN THE RED
Gold very early morning trading: 3079.00
silver:$34.49
USA dollar index early FRIDAY morning: 104.13 UP 14 BASIS POINTS FROM THURSDAY’s CLOSE.
FRIDAY MORNING NUMBERS ENDS
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And now your closing FRIDAY NUMBERS 1: 30 AM
Portuguese 10 year bond yield: 3.236 % DOWN 3 in basis point(s) yield
JAPANESE BOND YIELD: +1.526% DOWN 3 FULL POINTS AND 50/100 BASIS POINTS /JAPAN losing control of its yield curve/
SPANISH 10 YR BOND YIELD: 3.355 DOWN 4 in basis points yield
ITALIAN 10 YR BOND YIELD 3.844 DOWN 6 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.7270 DOWN 3 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY FRIDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.0813 UP .0013 OR 13 basis points
USA/Japan: 150.40 DOWN 0.461 OR YEN IS UP 46 BASIS PTS//
Great Britain 10 YR RATE 4.7635 DOWN 8 BASIS POINTS //
Canadian dollar DOWN .00303 OR 3 BASIS pts to 1.4304
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The USA/Yuan UP T0 7.2650, CNY ON SHORE ..CHINA MUST DEVALUE TO GOLD
THE USA/YUAN OFFSHORE UP TO 7.2722:
TURKISH LIRA: 38.01 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//
the 10 yr Japanese bond yield at +1.526
Your closing 10 yr US bond yield DOWN 8 in basis points from THURSDAY at 4.285% //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 4.653 DOWN 8 in basis points /11:00 AM
USA 2 YR BOND YIELD: 3.959 DOWN 4 BASIS PTS.
GOLD AT 11;00 AM 3082.50
SILVER AT 11;00: 34.51
Your 11:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates: FRIDAY CLOSING TIME 11:00 AM//
London: CLOSED DOWN 0.070 PTS OR 0.01%
GERMAN DAX: DOWN 166.19 PTS OR 0.73%
Paris CAC CLOSED DOWN 62.00 or 0.78%
Spain IBEX CLOSED DOWN 110.30 PTS OR 0.82%
Italian MIB: CLOSED UP 317.22 PTS OR 0.81%
WTI Oil price 69.62 11 EST/
Brent Oil: 73.78 11:00 EST
USA /RUSSIAN ROUBLE /// AT: 85.30 ROUBLE DOWN 0 AND 50/ 100
GERMAN 10 YR BOND YIELD; +2.7270 DOWN 3 BASIS PTS.
UK 10 YR YIELD: 4.7635 DOWN 8 BASIS POINTS
CDN 10 YEAR RATE: 3.074 DOWN 5 BASIS PTS.
CDN 5 YEAR RATE: 2.713 DOWN 4 BASIS PTS
CLOSING NUMBERS: 4 PM
Euro vs USA 1.0826 UP 0.0025 OR 25 BASIS POINTS//HEADING TO PARITY WITH THE DOLLAR
British Pound: 1.2945 DOWN .0006 OR 6 basis pts/HEADING FOR PARITY /USA
BRITISH 10 YR GILT BOND YIELD: 4.7550 DOWN 11 BASIS PTS//
JAPAN 10 YR YIELD: 1.527
USA dollar vs Japanese Yen: 149.86 DOWN 985 BASIS PTS// HEADING FOR 160 TO THE DOLLAR
USA dollar vs Canadian dollar: 1.43189 UP 12 BASIS PTS CDN DOLLAR DOWN 12 BASIS PTS
West Texas intermediate oil: 69;24
Brent OIL: 73.40
USA 10 yr bond yield DOWN 11 BASIS pts to 4.257
USA 30 yr bond yield DOWN 9 BASIS PTS to 4.638%
USA 2 YR BOND: DOWN 9 PTS AT 3.916%
CDN 10 YR RATE 3.038 DOWN 8 BASIS PTS
CDN 5 YEAR RATE: 2.676 DOWN 5 BASIS PTS
USA dollar index: 103.68 DOWN 31 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 38.00 GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 84.95 DOWN 0 AND 45/100 roubles
GOLD 3081.25 (3:30 PM)
SILVER: 34.08 (3:30 PM)
DOW JONES INDUSTRIAL AVERAGE: DOWN 715.80 OR 1.69%
NASDAQ 100 DOWN 517.22 PTS OR 2.61%
VOLATILITY INDEX: 21.69 UP 3.00 PTS OR 15.94%
GLD: $ 284.06 UP 2.09 PTS OR 0.24%
SLV/ $31.00 DOWN 0.32 PTS OR OR 1.02%
TORONTO STOCK INDEX// TSX INDEX: CLOSED DOWN 389.11 OR 1.55%
end
TRADING today ZEROHEDGE/
ZEROHEDGE/HEADLINE CLOSING MARKETS/ZEROHEDGE
Gold Surges To Best Start To A Year Since 1986 As Stagflation Scare Slams Stocks In Q1
USA DATA
UMich Inflation Expectations Surge Even Higher As Democrats Freak Out
by Tyler Durden
Friday, Mar 28, 2025 – 10:12 AM
Having been widely mocked – and quantitatvely denigrated by Goldman Sachs – this morning’s final print for UMich consumer sentiment for March is now a must watch.
As a reminder, Goldman explained that the Michigan measure has been especially susceptible to the tariff news recently for three reasons.
First, inflation expectations in the survey have become extremely partisan.
Second, the share of respondents in the Michigan survey who are Democrats has always been consistently higher than the share of respondents who are Republicans
Third, switching from a phone-based to an online-based data collection process has led to more extreme answers on inflation expectations.
These three issues together have boosted short-term inflation expectations in the Michigan survey by about 1.3pp and long-term inflation expectations by 0.5pp since 2024Q4. In particular, the change in distribution across political parties and increased partisanship together generated an outsized 1.0pp boost to the 1-year inflation expectation in February.
So, with all that in mind, let’s see what the final data looks like – did it get even crazier?
The short answer is – YES!
UMich 1Yr inflation expectations rose to 5.0% (from 4.9% preliminary) while the 5-10Y expectations jumped to 4.1% (from 3.9% flash) – the highest since August 1992…
Source: Bloomberg
The gaping chasm of propaganda-driven fear is evident below the surface with Republicans expected 0.1% inflation while Democrats expect – wait for it – 6.5% price rises in the next year…
Source: Bloomberg
Source: Bloomberg
Bear in mind that Democrat’s 1Yr inflation expectations are now more than 2 times higher than they were in June 2021 when inflation would actually rise to 9%. Back then the Democrats were only off by a factor of 3x.
The final March sentiment index declined to 57 from 64.7 a month earlier. The latest reading was below both the 57.9 preliminary number and the median estimate in a Bloomberg survey of economists.
“Consumers continue to worry about the potential for pain amid ongoing economic policy developments,’’ Joanne Hsu, director of the survey, said in a statement.
“Notably, two-thirds of consumers expect unemployment to rise in the year ahead, the highest reading since 2009.’’
The survey showed the expectations index plunged 11.4 points, the sharpest drop since 2021, to 52.6 this month. The current conditions gauge decreased to a six-month low of 63.8.
Source: Bloomberg
And the political divergence is exploding there too…
Source: Bloomberg
Labor market expectations worsened considerably across demographic and political groups in a sign of subdued spending over the coming months, the report showed. Moreover, expectations among high-income consumers sank.
“This trend reveals a key vulnerability for consumers, given that strong labor markets and incomes have been the primary source of strength supporting consumer spending in recent years,’’ Hsu said.
According to Democrats, the US outlook has literally NEVER been worse: worse than the global financial crisis, worse than covid, worse than ever.
One thing we note is that if Democrats are so terrified about the loss of purchasing power in the next year, why (based on the slowing spending data this morning) are they not rushing out to buy any and everything they can before Trump’s terrible tariff tax trashes their wealth? Unless – of course – they are just making up their UMich responses as part of the #Resistance?
Finally, even Fed Chair Jerome Powell largely dismissed the Michigan survey as an outlier for longer-run expectations, and other policymakers have since echoed his remarks.
Which data series do you trust?
USA ECONOMIC NEWS
“Worst Of The Worst”: Top MS-13 Leader Arrested In Virginia In Joint Operation
Thursday, Mar 27, 2025 – 07:40 PM
US law enforcement arrested one of the top three MS-13 gang leaders in the country after a Trump-backed operation in Virginia that resulted in the arrest of more than 340 criminals in the past month alone, Attorney General Pam Bondi announced.
“Early this morning, one of the top leaders of MS-13 was apprehended. He was the leader for the East Coast, one of the top three in the entire country, right here in Virginia … He is an illegal alien from El Salvador — and he will NOT be living in our country much longer,” said Bondi.
“They executed a clean, safe operation and the bad guys in custody. And thanks to the FBI, we got one of the worst of the worst of the MS-13 off the streets this morning. Virginia and the country is a lot safer today,” Bondi told Fox News following the arrest.
FBI Director Kash Patel said of the operation, “This is what happens when you let good cops be cops,” after the arrest of the 24-year-old illegal immigrant from El Salvador during a raid near Dale City, Prince William County on Thursday morning.
While few details about the operation have been released, it involved the FBI, ICE, ATF, the VA state police, and Prince William County PD.
Authorities have yet to release the suspect’s name, but said he is one of the top three leaders of MS-13 operating in the US.
“Great job by Pam Bondi, Kash Patel, Tom HOMAN, and Kristi N, on the capture of MS13 leader – A big deal!” President Trump wrote on social media.
Of note, the FBI has arrested three individuals on its top 10 list in the past two months alone.
end
Cruz says no to a crypto currency but Canada’s Carney wants one!
(zerohedge)
Senator Cruz Introduces Companion Bill To Prohibit The Fed From Issuing A CBDC
Friday, Mar 28, 2025 – 07:45 AM
Authored by Christopher Tepedino via CoinTelegraph.com,
US Senator Ted Cruz introduced a bill on March 26 to prohibit the Federal Reserve from issuing a central bank digital currency (CBDC). The “Anti-CBDC Surveillance State Act,” would prohibit the Fed from offering certain products or services directly to American individuals, a key component of any CBDC.
The Texas Republican’s bill can be considered a companion bill to Minnesota Republican Representative Tom Emmer’s anti-CBDC legislation, which was reintroduced on March 6. A companion bill is a piece of legislation that is similarly or identically worded to another bill, and introduced in the other chamber of Congress.
Both bills state that the prohibition should not include any dollar-denominated currency that is open, permissionless, and private and “preserves the privacy protections of United States coins and physical currency.”
Sen. Ted Cruz’s anti-CBDC bill. Source: Ted Cruz
Since 2020, the Federal Reserve has been exploring a digital version of the US dollar. According to the CBDC Tracker, at least four research projects are currently underway by various Federal Reserve entities.
Cruz has been a vocal opponent of CBDCs since at least 2022, when he introduced legislation that would ban the Fed from introducing a direct-to-consumer CBDC. He followed it up with similar legislation in 2023, and in 2024 sought to block the attempt by then-President Joe Biden’s administration to create a CBDC.
Emmer said at a congressional hearing that “CBDC technology is inherently un-American” and warned that allowing unelected bureaucrats to issue a CBDC “could upend the American way of life.”
Critics denounce CBDCs
While CBDCs have some purported benefits, critics of the technology have long said that digital currency issued directly to citizens could pose privacy infringement and government overreach.
However, some nations and regional governments are still exploring this technology. While European consumers show little interest in CBDCs, lawmakers in the region are pushing to create a digital Euro. Israel has released a preliminary design to create a digital shekel, and Iran will reportedly launch a CBDC in the near future.
In the US, the creation of a CBDC has been met with more resistance. President Donald Trump has vowed to “never allow” a CBDC in the country, and Jerome Powell, the chair of the Federal Reserve, has said that the Fed will not issue a CBDC while he is in charge.
Though CBDCs could modernize legacy financial systems and make them more efficient, they would also centralize the money supply.
VICTOR DAVIS HANSON
VDH: From Profanity-Chic To Terrorist-Porn
Thursday, Mar 27, 2025 – 04:20 PM
Authored by Victor Davis Hanson via American Greatness,
The Democratic Party is polling about 27 percent approval—and sinking.
In 2024, it lost the White House, the House of Representatives, the Senate, and both the popular vote and the Electoral College, 312-226.
In 2024, Trump won over 46 percent of the Hispanic vote, including a majority of Hispanic men. Trump also likely captured 26 percent of the black male vote, doubling his 2020 total.
In 2024, Trump increased his 2020 vote total in every single state. And he won 89 percent of all the counties in the United States.
On every issue, Democrats sided with strident leftist movements rather than the majority of Americans.
They supported globalism over nationalism, high-priced green energy over lower gas and electricity prices, and an open border and 12 million unaudited illegal aliens over security and legal-only immigration.
They seem unconcerned with our $36 trillion debt or the deterrence lost abroad that led to two theater-wide existential wars.
Democrats stay mum about unfair trade and budget deficits. They prefer the Black Lives Matter fixation on the color of our skin rather than Martin Luther King’s emphasis on the content of our character.
They support allowing biological men to overpower women in female sports events—in opposition to 80 percent of the electorate.
Democrats faced choices after their catastrophic defeat last year.
One, they could have stopped the hemorrhaging of their base of 18-30-year-olds, black men, Hispanics, and Independents by moving toward the center.
They even could have worked with Trump and perhaps sought to take credit for joint successes.
Instead, they doubled down on “resistance” through street-theater terror-chic.
Democrat senators cut a group attack video, each echoing the potty word “sh*t.”
In a House ad, Democratic female members mimicked ninjas, kicking and punching at the camera, as if hitting their Republican opponents.
Former vice presidential candidate and Minnesota governor Tim Walz boasts about kicking the “ass” of Republicans.
“Assh*ole” is now the standard Democrat epithet for Musk, as voiced by Sen. Mark Kelly. “D*ck” is the preferred Musk slur from Sen. Tina Smith.
Xenophobia is also now Democratic chic.
Walz smears Musk, an American citizen, as a “South African nepo baby.”
Other Democrat representatives question Musk’s loyalty, asking, “Which country is he [Musk] loyal to?”
Or they further boast, “We’re [Democrats] going to send Elon back to South Africa.”
An unhinged Rep. Maxine Waters shouts that she wants First Lady Melania Trump deported, given she too is a naturalized citizen.
But those theatrics have now escalated into near overt support for violence.
Democrats are blocking the deportation of dangerous illegal aliens affiliated with the terrorist-designated Tren de Aragua.
They try to stop the deportation of resident alien Mahmoud Khalil—arch Hamas supporter, apologist for the murderers of October 7, and a spokesman for the most violent student group at Columbia.
To stop Elon Musk’s advisory Department of Government Efficiency and its identification of government waste, fraud, and abuse, leftist cabals are now terrorizing Musk’s Tesla brand nationwide.
They seek to destroy cars, dealerships, and charging stations. Individual Tesla owners are sometimes tailed, confronted, and threatened.
Democrats claim no formal role in such terror—but more or less seem to approve of its ends and means.
Left-wing comic Jimmy Kimmel winks and nods on national television about the current violent Tesla terrorist campaign.
Tim Walz celebrates the resulting drop in the Tesla stock price. As Minnesota’s governor overseeing his state’s sizable investment in Tesla, Walz could care less about trash-talking his own taxpayers’ investments.
Rep. Jasmine Crockett boasts that Musk “must be taken down.”
She brags she wants to physically assault Sen. Ted Cruz, who “has to be knocked over the head, like hard”—adding “I think you punch, I think you [sic] OK with punching.”
Crockett even mocked disabled and wheelchair-bound Texas governor Greg Abbott: “You all know we got Gov. Hot Wheels down there. … And the only thing hot about him is that he is a hot-ass mess, honey.”
Former Democratic House member and once-censured Rep. Jamaal Bowman claimed Musk was a “Nazi” and an “incompetent thief.”
Democrat Rep. Al Green was censured by the House for disrupting the Trump joint address to Congress—and led away screaming and shaking his cane at the President in failed efforts to shut down the speech.
Senator minority leader Chuck Schumer, who once issued threats to Supreme Court justices Neal Gorsuch and Brett Kavanaugh by name, now boasts, “We have people going to the Republican districts and going after these Republicans who are voting for this and forcing them to either change their vote or face the consequences.”
Furious at their own increasing impotence, these contemporary Democrat Jacobins are dabbling with their own version of a reign of smut terror.
They are probably too impotent to derail the country, but they are certainly destroying themselves.
end
USA/ANTISEMITISM//HAMAS// REPORT
KINGNEWS
| The King Report March 28, 2025 Issue 7460 | Independent View of the News |
| US Q4 GDP 2.4%, 2.3% expected and prior; Consumption 4.0%, 4.2% expected and prior. GDP Price Index 2.3%, 2.4% expected and prior; Core PCE 2.6%, 2.7% expected and prior. Table 2. Contributions to Percentage Change in Real GDP: Healthcare 0.53, Government 0.52 with Federal 0.25 (Defense 0.18), Motor Vehicles & Parts 0.46, Recreation Goods & Vehicles 0.30, Residential 0.22, Net Export 0.26; Change in Private Inventories -0.84, Equipment -0.47 with Transportation Equipment -0.23 https://www.bea.gov/sites/default/files/2025-03/gdp4q24-3rd.pdf Initial Jobless Claims 224k, 225k expected and prior; Continuing Claims 1.856m, 1.886m expected, 1.881m prior, revised from 1.892m February Pending Home Sales 2.0% m/m & -7.2% y/y; 1.0% m/m & -3.5% y/y consensus @dlacalle_IA: US economic figures show the economy was weakening faster in the fourth quarter. Furthermore, the GDP slowdown came with higher government spending bloating the headline figure and a decrease in investment. Including the massive increase in debt and the deficit spending, the worst economic growth adjusted for deficit spending since the 1930s. @AtlantaFed: On March 26, the GDPNow model nowcast of real GDP growth in Q1 2025 is -1.8%; the alternative model forecast, which adjusts for imports and exports of gold, is 0.2%: https://t.co/T7FoDdgYos. The strong flow of gold into the US counts as an import, which reduces US GDP. ‘AI Bubble’ Canary Meets Coalmine – CoreWeave Reportedly Drastically Downsizes IPO Size https://t.co/dXpqLzuOJK Nvidia is reportedly in talks to acquire Lepton AI Nvidia is looking to get into the server rental market. https://techcrunch.com/2025/03/26/nvidia-is-reportedly-in-talks-to-acquire-lepton-ai/ @RealJimChanos: Don’t know if this deal happens, and it’s not particularly big, but trying to buyout your resellers is usually a huge red flag. It’s often a way to bury inventory costs and/or avoid receivables provisioning. NVDA Just to be clear, these kinds of deals w/customers and distributors do not necessarily have to be material in size to be material in impact, since near the end-of-cycles managements know that missing guidance by even a few pennies can be disastrous. So, the get more creative. And of course “investing” hundreds of millions of dollars in one of your customers, so that company can turn around and buy your chips is right out of the 1999-2000 Lucent Ventures playbook. Nvidia to anchor CoreWeave IPO at $40 a share, source says… with a $250 million order… Nvidia is already a significant customer of CoreWeave, which rents out remote access to computers based on Nvidia’s AI chips… (CoreWeave cut its IPO offering from $2.7B to $1.5B on lack of demand angst.) https://www.msn.com/en-us/money/markets/nvidia-to-anchor-coreweave-ipo-at-40-a-share-source-says/ar-AA1BM8hN @carney: USMCA compliant parts will not be subject to the 25% foreign car tariffs. We noted in yesterday’s missive that someone manipulated ESMs and NQMs in the thin overnight market to halt a rout that threatened to unleash momentum selling during NYSE trading. Well, someone also had to manipulate ESMs higher after stocks sank on the NYSE opening. ESMs rallied from 5730.00 at 18:00 ET (nighttime/Nikkei opening) to 57752.75 at 2:20 ET. ESMs then sank to 5743.00 at 4:09 ET. ESMs then jumped to 5770.00 at 6:04 ET. ESMs then commenced a down leg that accelerated after 9:10 ET into a virtual vertical plunge that took ESMs to 5720.00 at 9:41 ET. Someone then felt the need to aggressively force ESMs to 5760.75 at 10:01 ET. Why would anyone buy stuff that recklessly? Barring news, there is only one reason. After a minor respite, ESMs zoomed to a new high of 5779.75 at 11:00 ET. Yes, Virgina, Q1 performance gaming and halting momentum selling were the motivations to manipulate stuff higher. An A-B-C decline took ESMs to 5733.75 at 13:02 ET. ESMs then stair-stepped higher until then hit 5762.75 at 14:52 ET. After a drop to 5744.25 at 15:00 ET, the last-hour manipulation forced ESMs to 5771.25 at 15:22 ET. Alas, there are few organic buyers in the market. So, traders had to liquidate to other traders. ESMs tumbled to 5737.50 at the NYSE close. Fed Urged to Explore Hedge Fund Bailout Tool for Basis Trade – BBG The Federal Reserve should consider setting up an emergency program that would close out highly leveraged hedge-fund trades in the event of a crisis in the $29 trillion US Treasuries market, according to a panel of financial experts. (French for ‘Street hacks, shills & crony capitalists’) Any vicious unwinding of a swath of the estimated $1 trillion in hedge fund arbitrage bets would not only hamper the Treasuries market, but others as well — requiring Fed intervention to assure financial stability. When the US central bank did that in March 2020, during the initial Covid crisis, it engaged in massive outright purchases of Treasury securities, to the tune of about $1.6 trillion over several weeks. https://www.bloomberg.com/news/articles/2025-03-27/fed-urged-to-mull-a-hedge-fund-bailout-facility-for-basis-trades So, the guys that leverage up the yin/yang and regularly make billions via the obscene, system-threatening leverage – and scream ‘capitalism uber alles’ when Congress or the public advocates better regulation of The Street – are now floating the notion of a bailout for prop traders & hedge funds! Hypocrites!!! June Gold soared as much as $49.90! Physical gold hit a record high of $3059.63! Vanguard Met with Blackstone, Carlyle on Private Markets Product… to explore potential tie-ups that would market private assets to individual investors… https://finance.yahoo.com/news/vanguard-met-blackstone-carlyle-private-110200866.html After five decades of astronomical wealth creation for PE, why do they now want to share the spoils with the public? Yep, we all know why! As we learned after working on Wall Street, ‘if a piece of paper crosses the Hudson River from Manhattan, Wall Street doesn’t want it!’ Over 4 million Gen Zers are jobless—and experts blame colleges for ‘worthless degrees’ and a system of broken promises for the rising number NEETs “In many cases, young people have been sent off to universities for worthless degrees which have produced nothing for them at all,” the political commentator, journalist and author, Peter Hitchens slammed colleges last week. “And they would be much better off if they apprenticed to plumbers or electricians, they would be able to look forward to a much more abundant and satisfying life.”… https://fortune.com/2025/03/25/gen-z-neet-not-in-education-employment-training-higher-ed-worthless-degrees-college/ Positive aspects of previous session The DJIA and DJTA rallied early, again; the rotation into industrial and out of tech continues. Negative aspects of previous session USMs sank as much as 29/32. Fangs and Nasdaq were negative all day. All rallies and manipulations failed; all major equity indices, ex-the DJUA, closed negative. Ambiguous aspects of previous session Are stocks commencing a new down leg? First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Up; Last Hour: Down Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 5698.84 Previous session S&P 500 Index High/Low: 5732.28; 5670.94 @libsoftiktok: Ontario Premier Doug Ford says he wants to “inflict as much pain as possible to the American people…” https://x.com/libsoftiktok/status/1905320976759370204 @VigilantFox: Dr. Suzanne Humphries Confirms to Joe Rogan That—YES—Vaccines Can Cause Food Allergies. “It’s very well known that the vaccines that have aluminum in them skew the immune system,” she said… “When aluminum is present, it puts the immune system on high alert, making it more reactive to anything in the environment at that moment…” https://x.com/VigilantFox/status/1905001357200806090 @foxnewspolitics: Federal judge (Clinton appointed) denies Trump admin’s effort to ban transgender people from military @WSJ From @WSJopinion: The recent outbreak of nationwide injunctions damages our constitutional system. Congress gave the Supreme Court the authority to curb them by clarifying the Rules of Civil Procedure, writes Elizabeth Price Foley… (Pay wall) https://www.wsj.com/opinion/a-supreme-court-remedy-for-nationwide-injunctions-bd442897 BoJ: Summary of Opinions at the Monetary Policy Meeting on March 18 and 19, 2025 Heightened uncertainties regarding the global economy triggered by U.S. policy conduct can be pointed out as a change in risks to the outlook since the previous MPM… In the United States, the risks of both inflation and an economic downturn have heightened… https://www.boj.or.jp/en/mopo/mpmsche_minu/opinion_2025/opi250319.pdf Fed Balance Sheet: -$15.729B, MBS -$14.258B; Reserves -$16.856B Today is the penultimate session of Q1 and a Friday. The manipulation and rally attempts on Thursday failed. The declines yesterday put the S&P 500 Index, the DJTA, and Nasdaq further below their 200 DMAs and the DJIA about 0.25% above its 200 DMA. The NY Fang+ Index fell below its 200 DMA after jumping above the metric for three sessions. ESMs are -1.50 & NQMs are -21.00 at 20:45 ET. Stocks must now rally sharply and jumped meaningfully above 200 DMAs or else! As the old trading adage goes, “Nothing good happens below 200-day moving averages!” ‘They’ need to markup stuff! Expected economic data: Feb Personal Income 0.4% m/m, Spending 0.3% m/m; Feb PCE Price Index 0.3% m/m & 2.5% y/y, Core PCE Price Index 0.3% m/m & 2.7% y/y; March UM Sentiment 57.9, Current Conditions 63.5, Expectations 54.1, 1-year Inflation 4.9%, 5-10-year Inflation 3.9%; Fed Gov Barr 12:15 ET, Atlanta Fed Pres Bostic 15:45 ET S&P Index 50-day MA: 5908; 100-day MA: 5930; 150-day MA: 5852; 200-day MA: 5758 DJIA 50-day MA: 43,421; 100-day MA: 43,437; 150-day MA: 42,922; 200-day MA: 42,116 (Green is positive slope; Red is negative slope) S&P 500 Index (5693.31 close) – BBG trading model Trender and MACD for key time frames Monthly: Trender and MACD are positive – a close below 5447.29 triggers a sell signal Weekly: Trender and MACD are negative – a close above 6033.80 triggers a buy signal Daily: Trender and MACD are positive – a close below 5570.80 triggers a sell signal Hourly: Trender and MACD are negative – a close above 5742.30 triggers a buy signal Dems planned for Biden to withdraw from presidential race, ‘die in office’ — as far back as 2023, scathing new book claims https://trib.al/OsNuNtf @ThePatriotOasis: Judge James Boasberg ruled to delay release of 14,900 new Hillary emails until after Election Day during the 2016 election. https://t.co/fuD3hYrQoL U.S. District Judge James Boasberg said during a hearing that he’ll issue a temporary restraining order barring administration officials from destroying messages sent over the encrypted messaging app Signal… https://apnews.com/article/signal-trump-houthis-strike-7d5a06d1c40a3c6af1c1ad1a772e87e0 House Judiciary Chair Jim Jordan lays out sweeping agenda for judicial reform Republicans in Congress have zeroed in on federal judges unilaterally blocking key Trump executive orders on immigration and government reform. The Constitution gives Congress the right to delineate the authority of district courts. Jordan, who leads the House committee responsible for overseeing the federal law enforcement and court system… he is planning to address reforms to the judicial system in three ways: passing legislation to limit nationwide injunctions by individual federal judges; wielding Congress’s appropriations power to curtail judicial activism; and conducting hearings on judicial conduct… The Judiciary Committee last week approved the “No Rogue Rulings Act of 2025” sponsored by Rep. Darrell Issa, R-Calif. That legislation would curtail federal judges from making nationwide injunctions in the cases before them, “except in the case of such an order that is applicable only to limit the actions of a party to the case before such district court with respect to the party seeking injunctive relief from such district court and non-parties represented by such a party acting in a representative capacity.” @10minutedrill: You can’t make this up. @Tim_Walz announced an (unsolicited) tour to red states to “talk to Republicans.” He even said he could beat up Trump supporters. But Tim Walz was just caught… blocking Republicans from coming to his fake town halls. https://x.com/10minutedrill/status/1905250958885654541 @townhallcom: Tim Walz: We wouldn’t be in this situation if we talked more about immigrants, wokeness, and DEI! (Leftists pols are pandering to the Loony Left to procure the Dem Pres Nomination! You can’t make this up!) https://x.com/townhallcom/status/1905412510020182248 @ShannonArmenis: We have a problem @theatlantic – Aside from the strange timestamps mixed in with the messages labeled with how many minutes since the Signal text had been sent, the timeline provided by the Atlantic does not add up. The only messages in the signal group chat without valid time stamps also just happen to be the ones held back for “national security concerns”, yet subsequently released today by the Atlantic in a follow up article. Either @jeffreygoldberg, the Editor in Chief of @theatlantic, is so unskilled as a journalist that he cannot keep accurate records, or these messages were sent to him as screenshots and he is trying his best to piece together as if he were reading them in real time… 7) If @SecDefHegseth’s message was sent at 11:44am as documented by him and Jeffrey Goldberg, yet is being read 19 minutes later at 12:03pm, how is JD Vance’s message showing a timestamp of 12:13— ten minutes later?… https://x.com/ShannonArmenis/status/1905090234427322680 “You can’t rationalize facts to a person whose position is based on emotion.” – Prof. Mike Metzger | |
SWAMP STORIES FOR YOU TONIGHT
Nevada Investigates Hundreds Of Potential ‘Double Vote’ Cases In 2024 Election
by Tyler Durden
Thursday, Mar 27, 2025 – 06:25 PM
Authored by Jack Phillips via The Epoch Times (emphasis ours),
Nevada’s Secretary of State’s office is investigating more than 300 cases of possible double votes during the 2024 election, according to a recent report released by the office.
State elections officials received at least 303 complaints about individuals trying to vote twice in the November election, the report found. Each individual who allegedly attempted to vote twice in the election was caught before they cast their second vote.
Five of the cases have been closed, including one that was referred to an unspecified “outside agency,” and the four remaining cases were marked as “civil notice/no violation,” the office said in the March 21 report. The remaining possible cases, 298, are still marked as “open” in the report.
The 303 potential cases represent about 0.02 percent of the ballots cast in the Silver State during last year’s General Election, the office said.
“The Secretary of State’s Office takes every allegation of election integrity violations very seriously and investigates them to the full extent of the law,” the report said.
The office is now working “very closely with the Attorney General’s Office through the investigative process,” the report added. “Once a determination is made regarding the validity of any allegations, a report is prepared and cases are referred to outside investigatory agencies, including the Attorney General’s Office and county District Attorney offices.”
In the report, officials provided examples of double-vote complaints and investigations.
“A father and son with the same name who live in the same household both receive a ballot. The son votes in-person. The father mistakenly fills out his son’s ballot and mails it to his County Clerk or Registrar’s Office,” it said, adding that the registrar or clerk may detect a double vote for the son but doesn’t count the second ballot that was cast.
An investigation is then launched, and the secretary’s office sends a Civil Letter Notice to the father.
“The letter details the situation and outcome of the investigation, with a warning that attempting to vote twice is illegal, however, no intent was found and no further action will be taken unless more information is revealed. All civil notices are tracked by our office to monitor potential future irregularities,” the report said.
It’s not clear whether the example is based on a real-world incident or was one of the cases that were investigated during the 2024 election.
Then-presidential candidate Donald Trump defeated then-Vice President Kamala Harris in Nevada by about 46,000 votes, enough to secure the state and its six electoral votes. Trump also won every other speculated battleground state during that contest.
Trump and other Republicans have said they want to bolster election security, including voter ID laws; ensure more secure vote-by-mail procedures, including using paper ballots; and maintain more accurate voter rolls. Since 2020’s contest against Democrat Joe Biden, Trump has said he believes that the election was fraught with fraud that ultimately caused the election to be called in favor of his opponent.
After taking office more than two months ago, Trump has yet to sign an executive order on elections but appeared to preview a forthcoming decision during his first Cabinet meeting this month. Trump said in the meeting that he thinks the United States needs to have an “honest” election system, while making a call to “go back to paper ballots” and have elections be completed in one day.
END
Total insanity that he must even ask!
Trump Asks Supreme Court To Allow Venezuelan Deportations To Proceed During Legal Challenge
Friday, Mar 28, 2025 – 11:40 AM
The Trump administration on Friday asked the Supreme Court to step in and allow the deportation of Venezuelan migrants to El Salvador while a legal battle plays out in lower courts.
The move comes two days after an appeals court upheld a temporary block on the Trump administration’s ability to deport illegal migrants under the Alien Enemies Act.
In their request, the DOJ argued that federal courts should not be allowed to interfere with diplomatic matters, the Associated Press reports.
“The Constitution supplies a clear answer: the President,” Acting Solicitor General Sarah Harris wrote in the request. “The republic cannot afford a different choice.”
Earlier this month US District Judge James Boasberg paused the flights by ruling that alleged members of the Venezuelan gang Tren de Aragua deserve a hearing to deny they belong to the gang. Boasberg also demanded details on two flights on March 15 to determine whether the administration defied his oral and written orders to block them.
The Trump administration also asked the Supreme Court to overturn Boasberg’s order pausing flights, and to put that order on hold while they consider that request.
“Those orders – which are likely to extend additional weeks – now jeopardize sensitive diplomatic negotiations and delicate national-security operations, which were designed to extirpate TdA’s presence in our country before it gains a greater foothold,” wrote Harris.
The Supreme Court has asked lawyers for some of the deported Venezuelans to respond by 10am Tuesday to the Trump admin request.
The DOJ has argued that Trump had the authority to declare TdA a foreign terrorist organization and deport them without hearings. Government lawyers also refused to release flight information on the deportations, arguing that it would reveal sources and methods behind the deportations.
“Once that secondary disclosure occurred, any opportunity for appellate review would be moot; the damage would be done, and the effect on United States foreign policy could be catastrophic,” the DOJ wrote.
The DOJ insists that the government obeyed Boasberg’s written order blocking the flights, but says that his earlier oral order while the flights were in the air weren’t enforceable. Government lawyers also contend that Trump had the authority to conduct the flights as commander-in-chief of the US military and the country’s head of foreign affairs.
Trump, meanwhile, has called for Boasberg’s impeachment – saying that the lifetime Obama-appointee is “a troublemaker and agitator.”
GREG HUNTER
SEE YOU ON MONDAY
harveyorganblog.com 
